"In fact, four important cases under MAP were resolved with the U.S. during this financial year," the sources said. MAP is an alternative available to taxpayers for solving disputes giving rise to double taxation, whether judicial or financial. The MAP procedures are also listed in the DTAA protocol.

Apart from India, the U.S. is also talking to over 50 countries and jurisdictions across the globe to enhance international tax compliance and to implement information reporting and withholding tax provisions in its country, known as the FATCA.

The IMG is the precursor to such an agreement. The FATCA, created in 2010, is aimed to targeting non-compliance by U.S. taxpayers using foreign accounts.

The sources said U.S. and India are negotiating the IMG as both the countries have a number of potential cases of offshore tax evasion in their classified dossiers and once the deal is done the lists would be exchanged.

"The maximum cooperation that India had on issues related to overseas tax evasion and criminal cases has been with the U.S. A number of meetings have taken place in the last one year and positive results are expected soon," the sources said. India, as part of its drive against illegal foreign stash funds and to ensure tax compliance, has signed 91 DTAAs and 16 Tax Information Exchange Agreements (TIEAs) till now.

Both India and U.S. are also signatories to the Organisation for Economic Cooperation and Development (OECD), a global body which frames economic policies and protocols to combat black money instances.

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