India will sign a tax information agreement (TIEA) with Guernsey during this month. This will be the eighth TIEA that would be signed by India, official sources said.
Already five TIEAs -- Bahamas, Bermuda, British Virgin Islands,Isle of Man and Cayman Islands -- have entered into force. The latest one was with Cayman Islands.
The Island of Guernsey is located in the English channel, roughly 30 miles from the French coast and 70 miles from the South coast of London. Guernsey is a dependency of the British crown.
The signing of a TIEA wth Guernsey would enable the Indian tax authorities to obtain specific information on tax evasion cases.
Till now, India has signed seven TIEAs. The most recent one was with Jersey.
The other six jurisdictions with which TIEAs have been signed are Bahamas, Bermuda, British Virgin Islands, Isle of Man, Cayman Islands and Liberia. So far, India has concluded negotiations for TIEAs with as many as 17 countries/jurisdictions, out of the identified 22 jurisdictions.