India keen on strengthening economic ties with Liechtenstein: President Kovind

India is keen on strengthening its economic relations with Liechtenstein, President Ram Nath Kovind said Friday. He said this during a meeting with Prince Alois of Liechtenstein, who had called on the president at the Rashtrapati Bhavan. Welcoming him, Kovind said this is a very special visit as the two countries are celebrating the 25th anniversary of the establishment of diplomatic relations. The president invited Liechtensteinian companies to take advantage of the Indian growth story according to a statement issued by the Rashtrapati Bhavan. Liechtenstein is one of India’s important partner nations in fighting overseas tax abuse and black money.

The Liechtenstein Financial Intelligence Unit (FIU) had the opportunity to support India in establishing an FIU of its own and to second its admission into the Egmont Group in 2007, according to Ministry of External Affairs. On March 28, 2013, India and Liechtenstein signed the Tax Information Exchange Agreement (TIEA) in Berne. After ratification by both sides, the agreement entered into force on January 20, 2014. India is probing cases of alleged black money stashed by Indians in LGT Bank. The LGT list containing 26 names was received by India in 2008 from Germany. The government has made public names of 18 trusts/individuals against whom proceedings have been initiated, according to the MEA document updated as on December 2016.

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