NEW DELHI: India and the UK today pledged to combat cross border tax evasion, enhance cooperation in financial services and boost investments by encouraging Indian companies to raise funds through masala bonds.
Both sides have also agreed to explore the possibility of regulatory cooperation agreement between the Financial Conduct Authority (FCA) of the UK and the Reserve Bank of India in the April-June quarter of 2017.
Committing to free markets and free trade, India and the UK reaffirmed “non-discriminatory treatment” of foreign investors, said the joint statement issued after the 9th UK-India Economic and Financial Dialogue between UK Chancellor of the Exchequer Philip Hammond and Finance Minister Arun Jaitley.
“The UK and India share a common commitment to addressing cross-border tax evasion and avoidance and agree to collaborate in determining the status of wealth deposited in foreign financial accounts by nationals of both countries. We look forward to enhanced cooperation in this area,” it said.(AGENCIES)
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