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27.08.2015 01:49 Age: 2 days

India, Seychelles ink pact to exchange information on tax


Indian signed an agreement for exchanging information with Seychelles on taxation in a bid to curb illegal hoarding of money on Monday, reports the Indian Tribune.

The pact was among the several security and defence agreements signed by Prime Minister Narendra Modi and visiting Seychelles President James Alix Michel.

Michel is on a two-day visit to the country.

The Indian Ocean nation is considered a tax haven and is seen as a preferred destination to stow away cash to escape taxation, even the country's investment in Indian has been not more than Rs 1,100 crore in the past 15 years.

This comes a week after the Union Cabinet approved the pact as part of the government's efforts to crackdown on tax evasion.

The Central Government has already signed similar pacts with other offshore tax havens such as Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Liechtenstein, Monaco and San Marino

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India, Seychelles ink pact to exchange information on tax