Ahmedabad: The government has identified 22 "non-cooperative" tax havens and is negotiating tax exchange agreements with them in order to curb the black money stashed by Indians in overseas banks.

"For discouraging transactions with non-cooperative tax havens, India has taken a major step forward. We identified 22 jurisdictions for signing `tax insulation exchange agreements' and negotiations with 11 are already complete," Chief Commissioner of Customs, Gujarat Zone, Lipika Majumdar Roy Choudhary, said at a function organised by CII here.

"The tax insulation exchange agreements have already been signed with Isle Of Man, Bermuda, the British Virgin Islands and the Bahamas," she said.

Choudhary was a part of the team working under the Union Ministry of Finance that made the preparations before India joined the Financial Action Task Force (FATF) last year.

FATF is an inter-governmental body whose purpose is to develop and promote national and international policies to combat money laundering and terrorist financing.

(Agencies)