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US Treasury Department adds India to its FATCA list

  • The US Treasury Department has issued a list of 34 countries which includes India with whom it would share information under FATCA (foreign account tax compliance act) regulations.
  • The pact aims to cover automatic sharing of information on bank accounts and other instruments like mitual funds, insurance and equities with each other. This is aimed at fighting the black money or unaccounted money.
  • This announcement  has come after the anti-offshore tax evasion and black money detention pact was signed between India and the US. The act became operational from September 30th.
  • Now India includes the list of countries deemed appropriate for automatic information exchange under FATCA regulations, with regard to reporting of certain deposit interest paid to non-resident alien individuals, say industry trackers.

Source: Economic Times

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