'Once filed, it cannot be revised or rectified.'
India has signed a pact with the British Virgin Islands to check tax evasion and money laundering.
Move may make it difficult for Indians to do business with these countries
The government also informed the apex court that it has completed negotiations for Tax Informations Exchange Agreement with 10 countries where the money is believed to have been stashed.
Black money is difficult to deal with.
Black money is difficult to deal with.
Under pressure from India and other countries for sharing account details of suspected tax offenders, Swiss banks have said any information exchange would be according to the conditions set out by the Organisation for Economic Cooperation and Development (OECD), the grouping of mostly developed nations.
The government may have to wait a little longer to get a trail of illegal money stashed by Indians in Liechtenstein.
India signed a Tax Information Exchange Agreement with Bermuda on Thursday, the first in a series of such pacts.
The G-20 finance ministers are scheduled to discuss a report from the Organisation for Economic Co-Operation and Development which recommends, among other things, use of Tax Information Exchange Agreements to force tax havens to share information with a minimum of 12 countries.
The Centre is in talks with Mauritius with regard to the long-pending revision of the bilateral tax treaty.
Against estimates of black wealth of Rs 300 lakh crore and black money in cash of Rs 3 lakh crore by economist Arun Kumar, the PMGKY numbers fall short by a huge margin.
Two organisations tracking tax violations and money laundering worldwide identify totally different sets of countries for lack of financial transparency.
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