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India in pact with Cayman Islands
26 March 2011: The Union Government of India has signed a tax information exchange agreement (TIEA) with Cayman Islands. This is the fifth TIEA entered into by India in recent times.
Under the TIEA, the information sought must be foreseeably relevant to the administration and enforcement of the domestic laws of the contracting parties concerning taxes and tax matters covered by the agreement.
Also, the requesting state has to provide some minimum details about the information requested in order to justify the ‘foreseeably relevant' criteria. There is also a specific provision for providing banking and ownership information. The information will be treated as secret and can be disclosed to only specified persons or the authorities concerned with the determination of tax appeal.
Source: Hindu Business Line