New Delhi (Agencies): In its attempts to track and unearth blackmoney, India has now revised its Double Taxation Avoidance Agreements with SAARC nations. The treaties will come into effect from next fiscal.

Members of South Asian Association For Regional Cooperation (SAARC) bloc include Bangladesh, Maldives, Bhutan, Nepal, India, Afghanistan, Pakistan and Sri Lanka.

The tax agreement, amongst SAARC countries was ratified by the SAARC Secretariat last April.

"The Central government hereby directs that all the provisions of the said agreement shall be given effect to in the Union of India with effect from 1st day of April, 2011," the official government Gazette notification said.

"On formalisation, this SAARC limited multilateral agreement on avoidance of double taxation and mutual administrative assistance in tax matters shall be applicable only in the member states where an adequate Direct Tax structure is in place.

At present, India is in the process of negotiating Double Taxation Avoidance Agreements (DTAAs) with 65 countries.

This is to broaden the scope of article concerning Exchange of Information, specifically regarding banking and taxpayers not covered by the said exchange treaty.

Finance Minister Pranab Mukherjee had recently spelled out new initiatives by the government to check and curb blackmoney in the country. He said DTAA and Exchange of Taxation Information Agreement are two instrumentalities under which information can be obtained and that the government has already amended pacts with 23 countries to get information from various banks.