The Union Ministry of Corporate Affairs (MCA) and Central Board of Direct Taxes (CBDT) have signed a MoU for automatic and regular exchange of information to curb the menace of shell companies, money laundering and black money in the country. This will also prevent misuse of corporate structure by shell companies for various illegal purposes. The MoU will enable sharing of specific information such as PAN number data in respect of corporates, Income Tax returns of corporates, financial statements filed with the Registrar by corporates, audit reports and statements of financial transactions received from banks relating to corporates. The information shared will pertain to both Indian corporates as well as foreign corporates operating in India. In addition to regular exchange of data, CBDT and MCA will also exchange with each other any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution.