Relief for banks, as FinMin relaxes ‘FATCA’ compliance norm

Banks need not close accounts by August 31 where self-certification is not obtained

Banks and financial institutions in India have got some breather as regards compliance under the US-enacted Foreign Account Tax Compliance Act (FATCA).

The Finance Ministry on Wednesday said that banks and financial institutions need not enforce “closure” of accounts by August 31, 2016 in respect of those

FULL ARTICLE http://www.thehindubusinessline.com/money-and-banking/relief-for-banks-as-finmin-relaxes-fatca-compliance-norm/article9055798.ece

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