India ratifies double taxation avoidance pacts with SAARC

• India has ratified the new Double Taxation Avoidance Agreements with SAARC nations taking forward its efforts to track and unearth black money. The revised treaties will come into effect from next fiscal, according to a government notification.
• According to the notification, the new agreement will apply to persons who are residents of one or more member states. The tax information exchange treaties amongst the South Asian Association For Regional Cooperation (SAARC) nations was struck first at Dhaka in 2005. Members of SAARC bloc include Bangladesh, Maldives, Bhutan, Nepal, India, Afghanistan, Pakistan and Sri Lanka.
• India is in the process of negotiating DTAA with 65 countries. This is to broaden the scope of article concerning exchange of information, specifically regarding banking and taxpayers not covered earlier.
• DTAA and Exchange of Taxation Information Agreement are two instruments under which information can be ontained to check and curb black money in the country.  
• India had amended pacts with 23 countries to get information from various banks.