FATCA non-compliant accounts not blocked automatically

Chennai: There were no automatic blocking of bank accounts that did not comply with Foreign Account Tax Compliance Act (FATCA).

Representational image

Representational image

However, in the case of mutual funds, the blocking kicked in automatically, according to industry officials.

“The FATCA non-compliant bank accounts did not get blocked. Perhaps the patch for the software is

FULL ARTICLE http://www.firstpost.com/business/fatca-non-compliant-accounts-not-blocked-automatically-3420480.html


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