The protocol updates the existing provisions for exchange of information to the latest international standards and will incorporate changes required to implement treaty related minimum standards under the action reports of Base Erosion and Profit shifting (BEPS) Project.
"Union Cabinet chaired by Prime Minister Narendra Modi has given its approval for signing and ratification of protocol amending the agreement between India and China for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income," an official statement said.
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