Article 1 - Object and Scope of the Agreement - Guernsey

Notification No. 30/2012 Dated 9-8-2012 Whereas, an Agreement between the Government of the Republic of India and the States of Guernsey for the exchange of information with respect to taxes was signed at London on the 20th day of December, 2011 (hereinafter referred to as the said Agreement) And whereas, the date of entry into force of the said Agreement is the 11th day of June, 2012, being the date of the later of the notifications of completion of the procedures as required by the respective laws for entry into force of the said Agreement, in accordance with paragraph 2 of article 14 of the said Agreement; Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that all the provisions of the Agreement between the Government of the Republic of India and the States of Guernsey for the exchange of information with respect to taxes, as set out in the Annexure hereto, shall be given effect to in the Union of India with effect from the 11th June, 2012, that is, the date of entry into force of the said Agreement. AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE STATES OF GUERNSEY FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES Whereas the Government of the Republic of India and the States of Guernsey (the Contracting Parties ), desiring to enhance and facilitate the terms and conditions governing the exchange of information with respect to taxes; Whereas it is acknowledged that the States of Guernsey has the right under the terms of its Entrustment from the UK to negotiate, conclude, perform and subject to the terms of this Agreement terminate a tax information exchange agreement with the Government of the Republic of India; Now, therefore, the Contracting Parties have agreed to conclude the following Agreement, which contains obligations on the part of the Contracting Parties only. Article 1 Object and Scope of the Agreement The Contracting Parties, through their competent authorities, shall provide assistance through exchange of information that is foreseeably relevant to the administration and enforcement of the domestic laws of the Contracting Parties concerning taxes covered by this Agreement. Such information shall include information that is foreseeably relevant to the determination, assessment and collection of such taxes, the recovery and enforcement of tax claims, or the investigation or prosecution of tax matters. Information shall be exchanged in accordance with the provisions of this Agreement. The rights and safeguards secured to persons by the laws or administrative practice of the requested Party remain applicable to the extent that they do not unduly prevent or delay effective exchange of information.