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The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Automatic Exchange of Information (AEOI) provides the information and intelligence from the day it comes into force. Manama Papers exposed Mossack Fonseca, a Panamanian law firm, was found selling anonymous offshore companies around the world, enabling the owners of these shell companies to cover up their shady business dealings and hide their incomes from their national tax authorities. This information is available till 2016. If India has Automatic Exchange of Information (AEOI) with Panama providing information from 2018, based on the inference of the passage and principle of law above, will it assist the global efforts to combat tax evasion.a)It will assist the global efforts to combat tax evasion since AEOI provides the financial information and intelligence.b)It will not assist the global efforts to combat tax evasion since Mossack Fonseca cover up shady business dealings and hide incomes from their national tax authoritiesc)It will assist the global efforts to combat tax evasion since AEOI enable the discovery of formerly undetected tax evasion.d)It will not assist the global efforts since AEOI has come into force since it has only come into force from 2018 and information are to be acquired till 2016.Correct answer is option 'D'. Can you explain this answer? for CLAT 2024 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Automatic Exchange of Information (AEOI) provides the information and intelligence from the day it comes into force. Manama Papers exposed Mossack Fonseca, a Panamanian law firm, was found selling anonymous offshore companies around the world, enabling the owners of these shell companies to cover up their shady business dealings and hide their incomes from their national tax authorities. This information is available till 2016. If India has Automatic Exchange of Information (AEOI) with Panama providing information from 2018, based on the inference of the passage and principle of law above, will it assist the global efforts to combat tax evasion.a)It will assist the global efforts to combat tax evasion since AEOI provides the financial information and intelligence.b)It will not assist the global efforts to combat tax evasion since Mossack Fonseca cover up shady business dealings and hide incomes from their national tax authoritiesc)It will assist the global efforts to combat tax evasion since AEOI enable the discovery of formerly undetected tax evasion.d)It will not assist the global efforts since AEOI has come into force since it has only come into force from 2018 and information are to be acquired till 2016.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CLAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Automatic Exchange of Information (AEOI) provides the information and intelligence from the day it comes into force. Manama Papers exposed Mossack Fonseca, a Panamanian law firm, was found selling anonymous offshore companies around the world, enabling the owners of these shell companies to cover up their shady business dealings and hide their incomes from their national tax authorities. This information is available till 2016. If India has Automatic Exchange of Information (AEOI) with Panama providing information from 2018, based on the inference of the passage and principle of law above, will it assist the global efforts to combat tax evasion.a)It will assist the global efforts to combat tax evasion since AEOI provides the financial information and intelligence.b)It will not assist the global efforts to combat tax evasion since Mossack Fonseca cover up shady business dealings and hide incomes from their national tax authoritiesc)It will assist the global efforts to combat tax evasion since AEOI enable the discovery of formerly undetected tax evasion.d)It will not assist the global efforts since AEOI has come into force since it has only come into force from 2018 and information are to be acquired till 2016.Correct answer is option 'D'. Can you explain this answer?.

Solutions for The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Automatic Exchange of Information (AEOI) provides the information and intelligence from the day it comes into force. Manama Papers exposed Mossack Fonseca, a Panamanian law firm, was found selling anonymous offshore companies around the world, enabling the owners of these shell companies to cover up their shady business dealings and hide their incomes from their national tax authorities. This information is available till 2016. If India has Automatic Exchange of Information (AEOI) with Panama providing information from 2018, based on the inference of the passage and principle of law above, will it assist the global efforts to combat tax evasion.a)It will assist the global efforts to combat tax evasion since AEOI provides the financial information and intelligence.b)It will not assist the global efforts to combat tax evasion since Mossack Fonseca cover up shady business dealings and hide incomes from their national tax authoritiesc)It will assist the global efforts to combat tax evasion since AEOI enable the discovery of formerly undetected tax evasion.d)It will not assist the global efforts since AEOI has come into force since it has only come into force from 2018 and information are to be acquired till 2016.Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CLAT. Download more important topics, notes, lectures and mock test series for CLAT Exam by signing up for free.

Here you can find the meaning of The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Automatic Exchange of Information (AEOI) provides the information and intelligence from the day it comes into force. Manama Papers exposed Mossack Fonseca, a Panamanian law firm, was found selling anonymous offshore companies around the world, enabling the owners of these shell companies to cover up their shady business dealings and hide their incomes from their national tax authorities. This information is available till 2016. If India has Automatic Exchange of Information (AEOI) with Panama providing information from 2018, based on the inference of the passage and principle of law above, will it assist the global efforts to combat tax evasion.a)It will assist the global efforts to combat tax evasion since AEOI provides the financial information and intelligence.b)It will not assist the global efforts to combat tax evasion since Mossack Fonseca cover up shady business dealings and hide incomes from their national tax authoritiesc)It will assist the global efforts to combat tax evasion since AEOI enable the discovery of formerly undetected tax evasion.d)It will not assist the global efforts since AEOI has come into force since it has only come into force from 2018 and information are to be acquired till 2016.Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Automatic Exchange of Information (AEOI) provides the information and intelligence from the day it comes into force. Manama Papers exposed Mossack Fonseca, a Panamanian law firm, was found selling anonymous offshore companies around the world, enabling the owners of these shell companies to cover up their shady business dealings and hide their incomes from their national tax authorities. This information is available till 2016. If India has Automatic Exchange of Information (AEOI) with Panama providing information from 2018, based on the inference of the passage and principle of law above, will it assist the global efforts to combat tax evasion.a)It will assist the global efforts to combat tax evasion since AEOI provides the financial information and intelligence.b)It will not assist the global efforts to combat tax evasion since Mossack Fonseca cover up shady business dealings and hide incomes from their national tax authoritiesc)It will assist the global efforts to combat tax evasion since AEOI enable the discovery of formerly undetected tax evasion.d)It will not assist the global efforts since AEOI has come into force since it has only come into force from 2018 and information are to be acquired till 2016.Correct answer is option 'D'. Can you explain this answer?, a detailed solution for The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Automatic Exchange of Information (AEOI) provides the information and intelligence from the day it comes into force. Manama Papers exposed Mossack Fonseca, a Panamanian law firm, was found selling anonymous offshore companies around the world, enabling the owners of these shell companies to cover up their shady business dealings and hide their incomes from their national tax authorities. This information is available till 2016. If India has Automatic Exchange of Information (AEOI) with Panama providing information from 2018, based on the inference of the passage and principle of law above, will it assist the global efforts to combat tax evasion.a)It will assist the global efforts to combat tax evasion since AEOI provides the financial information and intelligence.b)It will not assist the global efforts to combat tax evasion since Mossack Fonseca cover up shady business dealings and hide incomes from their national tax authoritiesc)It will assist the global efforts to combat tax evasion since AEOI enable the discovery of formerly undetected tax evasion.d)It will not assist the global efforts since AEOI has come into force since it has only come into force from 2018 and information are to be acquired till 2016.Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Automatic Exchange of Information (AEOI) provides the information and intelligence from the day it comes into force. Manama Papers exposed Mossack Fonseca, a Panamanian law firm, was found selling anonymous offshore companies around the world, enabling the owners of these shell companies to cover up their shady business dealings and hide their incomes from their national tax authorities. This information is available till 2016. If India has Automatic Exchange of Information (AEOI) with Panama providing information from 2018, based on the inference of the passage and principle of law above, will it assist the global efforts to combat tax evasion.a)It will assist the global efforts to combat tax evasion since AEOI provides the financial information and intelligence.b)It will not assist the global efforts to combat tax evasion since Mossack Fonseca cover up shady business dealings and hide incomes from their national tax authoritiesc)It will assist the global efforts to combat tax evasion since AEOI enable the discovery of formerly undetected tax evasion.d)It will not assist the global efforts since AEOI has come into force since it has only come into force from 2018 and information are to be acquired till 2016.Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice The Government has enacted a comprehensive and a more stringent new law, namely, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 that has come into force w.e.f. 01.07.2015. Apart from prescribing more stringent penal consequences, this law has included the offence of willful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA). Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.The Government has taken pro-active and effective steps whenever any credible information has been received with regard to black money stashed abroad, whether in HSBC cases, ICIJ cases, Paradise Papers or Panama Papers.These steps include constitution of Multi Agency Group in relevant cases, calling for definitive information from foreign jurisdictions, bringing the black money to tax under relevant law launching prosecutions against the offenders etc. India has been a leading force in the efforts to forge a multi-lateral regime for proactive sharing of Financial Information known as Automatic Exchange of Information (AEOI) which will greatly assist the global efforts to combat tax evasion. The AEOI based on Common Reporting Standard (CRS) has commenced from 2017 enabling India to receive financial account information of Indian residents in other countries.India has also entered into information sharing agreement with the USA under the Foreign Account Tax Compliance Act (FATCA) of USA. The exchanges under FATCA have taken place for the financial years 2014, 2015 and 2016.Indian Government has been proactively engaging with foreign governments, for exchange of information under Double Taxation Avoidance Agreements (DTAAs)/Tax Information Exchange Agreements (TIEAs)/Multilateral Convention on Mutual Administrative Assistance in Tax Matters/South Asian Association for Regional Cooperation (SAARC) Multilateral Agreement. Thus, Action against black money is an on-going process.Such actions include policy-level initiatives, effective enforcement action on the ground, putting in place robust legislative and administrative frameworks, systems and processes with due focus on capacity building and integration and mining of information through increasing use of information technology.Q. Automatic Exchange of Information (AEOI) provides the information and intelligence from the day it comes into force. Manama Papers exposed Mossack Fonseca, a Panamanian law firm, was found selling anonymous offshore companies around the world, enabling the owners of these shell companies to cover up their shady business dealings and hide their incomes from their national tax authorities. This information is available till 2016. If India has Automatic Exchange of Information (AEOI) with Panama providing information from 2018, based on the inference of the passage and principle of law above, will it assist the global efforts to combat tax evasion.a)It will assist the global efforts to combat tax evasion since AEOI provides the financial information and intelligence.b)It will not assist the global efforts to combat tax evasion since Mossack Fonseca cover up shady business dealings and hide incomes from their national tax authoritiesc)It will assist the global efforts to combat tax evasion since AEOI enable the discovery of formerly undetected tax evasion.d)It will not assist the global efforts since AEOI has come into force since it has only come into force from 2018 and information are to be acquired till 2016.Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CLAT tests.