Article 1 - Object and Scope of the Agreement - Monaco

MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) NOTIFICATION New Delhi, the 12 th June, 2013 INCOME-TAX S.O. 1516 (E): Whereas an Agreement (hereinafter referred to as the said Agreement) between the Government of the Republic of India and the Government of the Principality of Monaco for the exchange of information relating to tax matters was signed at Monaco on the 31st day of July, 2012 ; And whereas, the date of entry into force of the said Agreement is the 27th day of March, 2013, being the date of later of the notifications of completion of the procedures required by the respective laws for the entry into force of this Agreement, in accordance with Paragraph 2 of Article 12 of the said Agreement; And whereas, Paragraph 2 of Article 12 of the said Agreement provides that the Agreement shall enter into force on the date of the later of the notifications and shall thereupon have effect forthwith ; Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961) , the Central Government hereby directs that all the provisions of the said Agreement, as set out in the Annexure hereto, shall be given effect to in the Union of India with effect from the 27th March, 2013. [Notification No. 43/2013/ F. No.503/05/2009-FTD-I] SANJAY KUMAR MISHRA, Jt. Secy. ANNEXURE AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNEMENT OF THE PRINCIPALITY OF MONACO FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS The Government of the Republic of India and the Government of the Principality Of Monaco desiring to facilitate the exchange of information relating to tax matters have agreed as follows : Article 1 Object and Scope of the Agreement The competent authorities of the Contracting Parties 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.