JOIN US“The revised DTAA provides for internationally accepted standards, including sharing of bank information,” Finance Minister Pranab Mukherjee said in a joint press conference with his Nepali counterpart Barshaman Pun.
He said as per the DTAA, the two countries will also share information on taxation which, however, will not hamper their respective domestic interests.
“Further, the information received can be shared with other law enforcement agencies with the consent of the information supplying country,” he added.
The revised tax treaty will replace an earlier agreement signed between the two countries in 1987. The previous pact did not provide for the sharing of banking information. “The revised DTAA will provide stability to the residents of India and Nepal and facilitate mutual economic cooperation as well as stimulate the flow of investment, technology and services between India and Nepal,” he said.
The minister also said India stands by the efforts of Nepal and its people towards logically concluding their peace process and the drafting of the constitution for a multi-party democracy, as he met a wide spectrum of political leaders here.
Mukherjee, who is on a day-long visit to Nepal, met Prime Minister Baburam Bhattarai, besides all major political leaders.