India included in FATCA regulations – Offshore Tax Evasion Controls
US will share Bank Account Details of NRIs under FATCA
Following Narendra Modi’s visit to the US, where among other meetings and discussions, the Indian Government signed an agreement with US Authorities, where automatic sharing of information on bank accounts, mutual funds, insurance and equities details of individuals and corporate will be shared between the two countries.
The Anti-Offshore Tax Evasion and Black Money Detention Pact was signed between India and US, following which India has been included in the list of 34 countries under US FATCA (Foreign Account Tax Compliance Act) Regulations. This Act became operational on September 30.
Accordingly, India is included in the list of countries deemed appropriate for automatic inclusion for information exchange under FATCA – reporting of certain deposits interest paid to non-resident alien individuals, as per industry trackers.
This is another milestone in the scheme of things aimed at tracking black money stashed abroad.Source: Economic Times