Luxembourg offers expert to help to India in tracking black money

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Luxembourg, one of the biggest routes for investments into India, on Monday offered to send a team of experts here to brief the government on measures taken by it to curb financial transactions.
The offer was significant given Indian government efforts to bring back black money and also punish those evading takes by keeping illegal accounts abroad.
The offer was conveyed by Luxembourg foreign minister Jean Asselborn to his Indian counterpart sushma swaraj when they met here.
The visiting minister explained the accountability and transparency measures that Luxembourg has taken to reform its financial sector, official sources said.
According to official figures, FDI and FII combined Luxembourg was among the top 10 investors in India, they said, adding since 2000, Luxembourg based funds have invested more than USD 1 billion in India.
Luxembourg is used by investors from across the world mainly from the US and Europe for routing their funds into India for tax benefits.
On her part, Shusma Swaraj emphasised on the need to enhance India-Luxembourg investment ties.


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