In line with its leadership in developing the new global standard, India is one of the first to adopt CRS and has committed to automatically sharing information by 2017. The Government of India also acceded to the Multilateral Agreement on Competent Authorities (MCAA) on 3 June 2015 to exchange information in accordance with the above deadlines. 102 jurisdictions had committed to sharing information in accordance with the new global standards, 49 of them from 2017, 51 from 2018 and the rest from 2019. There are 7 jurisdictions that have committed to 2020. The list of dedicated jurisdictions can be found here. 105 jurisdictions have also signed the MCAA. The list can be found here. India has activated the AEOI relationship to obtain information from 96 jurisdictions, as shown below: India`s contribution to the war on terror has helped India`s diplomatic relations with several countries. In recent years, India has held numerous joint military exercises with the US and European countries, which have led to a strengthening of bilateral relations between the US and India and the EU and India. India`s bilateral trade with Europe and the United States has more than doubled in the past five years.
The two governments shall establish a procedure in which the Government of India shall deposit, separate or secure ownership of all funds allocated to or from an aid programme implemented by or from the United States Government, so that such funds shall not be subject to seizure, seizure, seizure or other legal proceedings by anyone. Enterprise, agency, corporation, organization or government if, in the opinion of the Government of the United States of America, such legal proceedings would jeopardize the achievement of the objectives of such an assistance programme. For each project, the Government of India Committee shall submit a quarterly report to the Government of India on the activity and progress of the project, the exact form and scope of such report being determined in consultation with the Director at the time of implementation of the relevant project agreement. Copies of this report shall be sent to the Director. 1. The two Governments agree that an Indo-American Technical Cooperation Fund (hereinafter referred to as «Fund A») shall be established, in which the Government of the United States and America shall contribute $5 million for projects agreed upon before 30 June 1952. The fund is jointly managed by a duly appointed official of the Government of India and the Director and will only be used for the implementation of agreed technical cooperation projects. The allocation shall be made in accordance with Article V(2) of this Agreement, in the process of transferring the agreed amounts from Fund A to the Consolidated Funds of the Government of India or otherwise authorized to use them. Such transfers and/or approvals shall take the form of grants and loans to be granted to the Government of India in support of the technical cooperation programme to which both Governments undertake under this Agreement.
In any event, allocations shall be subject to the terms of the relevant project agreements concluded in accordance with the provisions of Article V(1) of this Agreement. The Government of the United States of America shall from time to time notify the Government of India of any additional amounts that may be paid into Fund A for the purposes of this Agreement, subject to the availability of funds. .