India joined the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information on 3rd June, 2015, in Paris, France, alongwith Australia, Canada, Costa Rica, Indonesia and New Zealand. On our behalf, the Declaration to comply with the provisions of the MCAA was signed by H.E. Mr. Mohan Kumar, Ambassador of the Republic of India to France. With six countries joining the MCAA on 3rd June, 2015, the total number of countries/jurisdictions agreeing to exchange information automatically in accordance with MCAA has gone to sixty. Ninety-four countries have committed to exchange information on an automatic basis from 2017 onwards as per the new global standards on automatic exchange of information, known as Common Reporting Standards (CRS) on Automatic Exchange of Information (AEOI). Source: Business Standard
Note:
For more updates on topics asked in CLAT, keep visiting CLAT Gurukul which is a knowledge sharing initiative of The Knowledge Tree, Patna’s premier coaching institute for CLAT and for other law entrance exams like AILET, SET, LSAT etc.