India to follow OECD\\\'s new standard on blackmoney

PARIS, Feb13 (PTI): Global economic body OECD today unveiled a new "game-changing" mechanism to combat the menace of offshore tax evasion, a protocol to which India is a signatory with the purpose of tackling black money.

"The Organisation for Economic Cooperation and Development will formally present the standard for the endorsement of G20 finance ministers during a February 22-23 meeting in Sydney in Australia," the world body, whose economic policies are followed by over 120 countries, said in a statement.

"The G20 invited the OECD to develop a global standard on automatic exchange of information in 2013 and remains the driving force behind the move toward greater tax transparency worldwide," it said.