Mauritius assured to help SIT of Indian government in its probe to unearth black money

Nov 4, 2014 17:18 IST

Mauritius on 3 November 2014 agreed to support Indian government’s Special Investigation Team (SIT) in its probe to unearth black money.

The message was conveyed to the Union External Affairs Minister Sushma Swaraj by Mauritius Foreign Minister Arvin Boolell during a meeting at Port Louis.

Besides, Swaraj said that India is also working on the inclusion of Mauritius in the group of countries to be listed in its Visa on Arrival scheme. New Delhi has already granted lifetime visa-free access to India to all PIO card-holders.


Mauritius is a country that is used as the biggest gateway for flow of funds into India through FDI as well as FII routes. But in recent months the FDI inflow from Mauritius has fallen amid concerns about suspected money-laundering. India is concerned that Mauritius, one of the top sources of foreign direct investments in India, is being used for round-tripping of funds.

Round-tripping is usually referred to routing of domestic investments through Mauritius to take advantage of the Double Taxation Avoidance Agreement (DTAA) between the two countries.

 

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