India top-priority funds flow partner, but tax treaties supreme: Mauritius
said that Mauritius is "extra careful" when dealing with funds going to and coming from Indian entities, as compared to those of other countries.
"We have high regards for India and given the importance given by Mauritius to it, we are much more serious when funds are going to India... If the funds are going to say China or Africa, we do not have to do that. But, there are special conditions for India and we make sure that these are
fulfilled," she said.
"... There are special conditions, which we have named 'Indian Conditions', for funds found to be linked to entities of Indian origin both in terms of inflows and outflows through Mauritius," the FSC Chief said.
Breach of 'Indian conditions' can lead to revocation of business license to operate out of Mauritius, Ah-Hen said.
Besides, Mauritius is more than eager to share details with India about persons and companies suspected of financial irregularities and complies to all such requests, except those found to be plain 'fishing expeditions' or involving legal implications, she added.
"All request for information sent by India, not only regarding the securities market but also vis-a-vis banks, are replied to, because India gets top priority for Mauritius," the FSC chief said.
If an entity gets licensed as Mauritius-based Global Business Company and later becomes India-related (that is shareholders are of Indian origin or the investments are routed to India), the Indian conditions and the related undertakings get imposed thereafter.
Ah-Hen said the authorities touch base with Indian authorities like RBI,
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