"The Reserve Bank would continue to incorporate in its regulations latest international best practices (to deal with tax havens and non-cooperative jurisdictions)," the central bank said in its response to the recommendations of the G-20 Working Group on Enhancing Sound Regulation and Strengthening Transparency.
The working group of G-20 nations, which include developed and developing countries, underlined the need for increased disclosure requirements on the part of taxpayers and financial institutions to report transactions involving non-cooperative jurisdictions.
The recently concluded G-20 summit in London pledged "to take action against non-cooperative jurisdictions including tax havens."
The G-20 communique said, "We stand ready to deploy sanctions to protect our public finances and financial systems. The era of banking secrecy is over."
