Bank accounts to be blocked if not self certified by April 30

The bank accounts opened between 2014 and 2016 need self certification.

The Finance Ministry on Wednesday has said that the bank accounts of all individuals will be blocked if the accounts are not self certified by April 30 to comply with FATCA provisions. It also said that only the bank accounts opened between 2014 and 2016 need self certification.

The Central Board of Direct Taxes also advised all financial institutions that all efforts should be made by them to obtain self-certification.

India had entered into an agreement with USA for implementation of FATCA with effect from August 31, 2015. Under the rule 114H (8) of the Income-tax Rules, 1962, the financial institutions have to obtain self-certification and carry out due diligence in respect of all individual and entity accounts opened between July 1, 2014 and August 31, 2015.

This was required to have been done by August 31 last year, failing which the accounts would be closed.

OneIndia News