It has been mentioned by Germany that they are ready to start early negotiations when it comes to double tax avoidance agreement (DTAA) with India. This kind of pact is needed between the two countries if Germany wants to share information and get information from India with India's Enforcement Directorate.

It is so because the current DTAA does not allow Germany to have access to information that is to be used for non-tax purpose. A bilateral meeting for the same is to be carried on between German counterpart, Mr Wolfgang Schaeuble, at the G20 meeting, and Indian Finance Minister Pranab Mukherjee.

Germany has also agreed that it would be revising the article that concerns exchange of information in the existing DTAA.

Meanwhile, Pranab has appreciated the step taken by Germany and said that it would allow the Indian citizens to have information about the Indian secret accounts that have been opened in bank accounts in the LGT bank of Liechtenstein.

Also, the minister urged his German counterpart to help them remove distinction between tax evasion and tax fraud. This is needed so that India can get back the stashed money.