In 2014, G20 countries endorsed a new system of information exchange, automatic exchange of financial information, developed by the Organisation for Economic Cooperation and Development (OECD). The article analyses this new standard for information exchange on offshore accounts, specifically focusing on the loopholes that impact developing countries. It highlights the important role that India can play in forums such as G20, BRICS, UN, Global Forum etc. to address the concerns.

New Information Exchange Standards on Offshore Accounts