OREANDA-NEWS. August 8, 2012. Government of India and Government of Principality of Monaco have signed a Tax Information Exchange Agreement (TIEA) yesterday. The agreement was signed by the Minister of State for Finance, Shri S S Palanimanickam from Indian side and Counsellor of Government for Finances and Economy, Mr. Marco Piccinini from Monaco side. This is the ninth TIEA being signed by India.

Salient features of this agreement are

It is based on international standard of transparency and exchange of information.

Information 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.

The requesting State has to provide some minimum details about the information requested in order to justify the foreseeably relevance criteria.