ID :
200973
Fri, 08/12/2011 - 22:26
Auther :
Shortlink :
https://www.oananews.org//node/200973
The shortlink copeid
Tax info from foreign authorities cannot be made public: Govt
New Delhi, Aug 12 (PTI) The Indian government on Friday
said that tax information received from overseas authorities
is subject to confidentiality and cannot be made public or
used for prosecution purposes without prior permission.
Financial Intelligence Unit – India (FIU-IND) receives,
processes as well as disseminates information related to
suspect financial transactions.
"The requesting FIU may not transfer information shared
by a disclosing FIU to a third party, nor make use of the
information in an administrative, investigative, prosecutorial
or judicial purpose without the prior consent of the FIU that
disclosed the information," Finance Minister Pranab Mukherjee
said in a written reply in the Lok Sabha.
The information obtained by FIU-IND from a foreign
jurisdiction through Egmont Exchange Framework of FIUs comes
under norms prescribed by Egmont Group.
"All information exchanged by FIUs must be subjected to
strict controls and safeguards to ensure that the information
is used only in an unauthorised manner, consistent with
national provisions of privacy and data protection," Mukherjee
noted.
FIU-IND is an independent body reporting directly to the
Economic Intelligence Council (EIC) headed by the Finance
Minister.
The Minister said that exchanged information must be
treated as protected by the same confidentiality provisions as
applicable to similar information from domestic sources,
obtained by the receiving FIU.
Mukherjee said that under Prevention of Money Laundering
Act, FIU-IND is authorised to share information with 15
agencies, including the Central Board of Direct Taxes, as
notified by the government from time to time.
"The intelligence received by FIU-IND from its foreign
counterparts is shared with these authorised agencies with the
prior consent of the disclosing FIU," he said.
In its efforts to track down black money stashed away
abroad, the government is in the process of revising Double
Taxation Avoidance Agreements (DTAAs) as well as entering into
Tax Information Exchange Agreements with various countries.
said that tax information received from overseas authorities
is subject to confidentiality and cannot be made public or
used for prosecution purposes without prior permission.
Financial Intelligence Unit – India (FIU-IND) receives,
processes as well as disseminates information related to
suspect financial transactions.
"The requesting FIU may not transfer information shared
by a disclosing FIU to a third party, nor make use of the
information in an administrative, investigative, prosecutorial
or judicial purpose without the prior consent of the FIU that
disclosed the information," Finance Minister Pranab Mukherjee
said in a written reply in the Lok Sabha.
The information obtained by FIU-IND from a foreign
jurisdiction through Egmont Exchange Framework of FIUs comes
under norms prescribed by Egmont Group.
"All information exchanged by FIUs must be subjected to
strict controls and safeguards to ensure that the information
is used only in an unauthorised manner, consistent with
national provisions of privacy and data protection," Mukherjee
noted.
FIU-IND is an independent body reporting directly to the
Economic Intelligence Council (EIC) headed by the Finance
Minister.
The Minister said that exchanged information must be
treated as protected by the same confidentiality provisions as
applicable to similar information from domestic sources,
obtained by the receiving FIU.
Mukherjee said that under Prevention of Money Laundering
Act, FIU-IND is authorised to share information with 15
agencies, including the Central Board of Direct Taxes, as
notified by the government from time to time.
"The intelligence received by FIU-IND from its foreign
counterparts is shared with these authorised agencies with the
prior consent of the disclosing FIU," he said.
In its efforts to track down black money stashed away
abroad, the government is in the process of revising Double
Taxation Avoidance Agreements (DTAAs) as well as entering into
Tax Information Exchange Agreements with various countries.
