FATCA pact: FinMin eases reporting norms for FIs where US tax identity number is not available

Reporting financial institutions asked to insert nine capital letters eg (i.e AAAAAAAAA) in the TIN field

The Finance Ministry has made life easier for the Indian Reporting Financial Institutions (RFI) to comply with the Inter-governmental Agreement (IGA) under FATCA in situations where US Tax Identity Number (TIN) is not available for pre-existing accounts (as of June 30, 2014).

It has

FULL ARTICLE http://www.thehindubusinessline.com/economy/iga-on-fatca-finmin-clears-the-air-on-situations-where-ustin-not-available/article10033133.ece

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