- Currently, this condition applies to the account holders under FATCA
- Those who have opened a bank account from July 1, 2014, to August 2015, consult your bank now
Thus especially those who have opened a bank account from July 1, 2014, to August 2015 Know Your Customer (KYC) details and Aadhaar numbers by April 30 if you do not want your accounts to be blocked, said sources. It is also said that these details have to be self-certified to comply with FATCA regulations (Foreign Tax Compliance Act).
Currently, this provision applies to those accounts which come under FATCA. The banks have asked the customers to link Aadhaar cards as a result of a pact signed with the US in 2015. Accordingly, India had signed a pact with the US to control and trace the accounts of people who have huge deposits, especially in the foreign banks. This measure was initiated to control the accounts of terrorists or those who have huge transactions.
Thus to comply with the US law, Indian customers coming under FATCA are have made linking Aadhaar numbers to the bank accounts compulsory.
To know if your account comes under FATCA, do consult the bank you have an account in.
Last Updated 31, Mar 2018, 6:58 PM