Complaince of the Self-Certification on FATCA-CRS (Foregin Account Tax Compliance Act – Common Reporting Standards) by 30th April, 2017
Government of India, Ministry of Finance vide PRESS RELEASE dated 11th April, 2017 on the above subject, has communicated as under:
The Inter – Governmental Agreement (IGA) with USA for implementation of FATCA entered into force on 31st Aug 2015. Under the alternative procedure provided in Rule 114H(8) of the income tax Rules, 1962, the financial institutions need to obtain self certification and carry out due diligence in respect of all individual and entity accounts opened from 1st July 2014 to 31 Aug 2015. As per the guidelines, above compliance should have been compiled by 31.08.2016. However with the intervention of IBA, CBDT has deferred the time line which shall be notified in due course for immediate compliance.
Further, in order to implement the provisions of FATCA under Rule 114(H) of the Income Tax Rules, 1962, the Ministry has directed the Banks to inform the account holders that in case of non-receipt of self certification on FATCA from them by 30th April, 2017, their accounts would be blocked, which would mean that the financial institutions would prohibit the account holders from effecting any transaction with respect to such accounts. The transactions by the account holders in such blocked accounts may, thereafter, be permitted once the self-certification is obtained and due diligence is completed.
Please find attached the FATCA-CRS ( Foregin Account Tax Compliance Act – Common Reporting Standards ) Form pertaining to the Savings Bank account maintained by you with our Bank. Kindly fill up the form and send it back to us (physical copy) to our following address, duly signed by you for our record latest by 30th April, 2017. Please note that this is a mandatory declaration to be submitted by all the identified account of the bank as per Regulations prevailing in India and USA. Therefore we request you to submit FATCA-CRS declaration within the time frame.
Please note that in case of non compliance the account will be frozen and the matter would be reported to the regulatory authority for non compliance.
We seek your co-operation in completing the Regulatory Process and complying with the Rules framed under Bilateral agreement between the two countries i.e., INDIA and USA.
Assuring you of our best services at all times.
Asst. General Manager
International Banking Division
Vijaya Bank, Head Office,
41/2, M G Road, Bangalore,
Karnataka – 560001
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