India has signed an agreement for exchange of information with respect to taxes with Seychelles in a bid to curb illegal hoarding of money.
The Indian Ocean nation is considered one of the preferred offshore havens for routing of funds to escape taxation.
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The tax information exchange agreement provides for mutual assistance between the authorities of the two countries on enforcement action against suspected tax evaders along with other related matters.
The agreement was signed after talks between Indian Prime Minister Narendra Modi and the visiting Seychelles President James Alix Michel.
Indian has already signed similar accords with other offshore tax havens such as Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Liechtenstein, Monaco and San Marino.
