India: Revised timeline for FATCA self-certifications, due diligence requirements

India: Revised timeline for FATCA self-certifications

India’s Central Board of Direct Taxes (CBDT) on 11 April 2017, provided a revised timeline for completing the due diligence for accounts opened between 1 July 2014 and 31 August 2015, for which the self-certifications could not be obtained by 31 August 2016 under an alternative procedure with respect to the FATCA regime.

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Financial institutions are now required to complete the due diligence for such accounts by 30 April 2017. Accounts will be blocked if the self-certifications are not received by this date. Once blocked, the account holder will be prohibited from effecting any transaction for such accounts until a self-certification is obtained and the due diligence is completed.

 

Read an April 2017 report [PDF 65 KB] prepared by the KPMG member firm in India

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