FATCA non-compliant a/cs to be frozen from May 1

Mutual fund (MF) investors, bank account holders and those who have invested in insurance schemes cannot operate their accounts, which were opened between July 1, 2014 and August 31, 2015, from May 1 if they are not compliant with tax information sharing law FATCA (foreign account tax compliance act).

The Ministry of Finance has instructed financial institutions — MFs, banks

FULL ARTICLE http://timesofindia.indiatimes.com/business/india-business/fatca-non-compliant-a/cs-to-be-frozen-from-may-1/articleshow/58350159.cms

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