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.
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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