INDIA'S FAILURE IN ATTENDING ''OECD'' MEETING.......

India today failed to attend an OECD meeting in Berlin where a multilateral agreement requiring a commitment to follow international standards of confidentiality for information received relating to black money was signed. At the meeting of the Organization of Economic Cooperation and Development (OECD), 51 countries signed the agreement to share financial data and boost efforts to crack down on tax evasion.
The signatories to the agreement include most European Union nations as well as tax havens like Liechenstein, British Virgin Island and the Cayman Island. They will begin automatically exchanging data collected by financial institutions as early as 2017, the OECD said. Government fears emanate against the backdrop of the raging debate in the country over disclosure of names of black money holders in foreign banks given by other governments and entities.On a day the government provided to the Supreme Court a list of 627 individuals who have accounts in HSBC Bank, Geneva, government sources feared adverse consequences if the names get disclosed or come to public domain.
They point out that when the Supreme Court gave an order on May 1 this year .. For signing the Multilateral Competent Authority Agreement in Berlin, India had to give an international commitment that it would follow international standards for the information received.Countries which have legally shared information with India so far have been under some treaty or agreement which contains confidentiality clause, the sources said adding there was no other way to obtaining information.

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