India requests Germany to share black money details

The request for sharing the information as collected by the German authorities has been made by the Finance Ministry.

“Indian competent authority under the Double Taxation Avoidance Agreement (DTAA) has requested the German competent authority to allow it to share the information with Indian Directorate of Enforcement. The matter is under consideration of the German competent authority,” Finance Minister Pranab Mukherjee has  informed the Rajya Sabha.

The article concerning “exchange of information” of the DTAA with Germany does not provide for sharing of information with the ED, he said.

Only few days ago, the Finance Ministry had revealed that it had uncovered around  Rs 44 crore of untaxed money parked by 18 Indian nationals with LGT Bank in Liechtenstein and had raised a tax demand of Rs 24 crore.

Revealing this in the Lok Sabha, Minister of State for Finance S S Palanimanickam in a written reply said: “Assessments have been made against 18 individual cases involving total assessed income of Rs 43.83 crore and total demand of Rs 24.28 crore has been raised.”