A Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) was signed by both the countries here today, a Finance Ministry statement said.

"The Protocol will enable the two countries to exchange information related to financial and banking transactions under DTAC and facilitate them in addressing tax evasion," the statement added.

The Article on Exchange of Information for tax purposes has been amended to bring it in line with the updated provisions in the OECD Model.

DTAC between India and Armenia has been in existence since September 9, 2004.

The Amending Protocol was signed by Central Board of Direct Taxes (CBDT) Chairman A K Jain and Ambassador of Armenia to India Armen Martirosyan.

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