Finance Minister Pranab Mukherjee on Monday impressed upon the Philippines the need for a transparent arrangement between the two countries based on a legal framework for mutual exchange of information on banking and tax related matters.

Raising this issue at his bilateral meeting with Philippines' Finance Minister Cesar V. Purisima here, Mr. Mukherjee expressed the hope that a revised DTAA (Double Taxation Avoidance Agreement) between the two countries could be signed in January next year as negotiations were already on for revamping the existing convention on avoidance of double taxation and prevention of fiscal evasion with respect to taxes and income.

During the discussions, Mr. Mukherjee also expressed satisfaction over the issuance of notification by both countries for operationalising the India-ASEAN FTA (free trade agreement) on trade in goods with effect from June 1 this year. On his part, Mr. Purisima said he would take up the matter with the department concerned back home to expedite the finalisation of the DTAA and endorsed Mr. Mukherjee's view on establishment of stronger banking links between the two countries.

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