US Treasury Department adds India to its FATCA list
MUMBAI: 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 mutual funds, insurance and equities with each other. This is aimed at fighting the black money or unaccounted money.
The announcement comes days after the Narendra Modi in US signed an agreement with the US authorities recently. The anti-offshore tax evasion and black money detention pact was signed between India and the US. The act became operational from September 30th.
Other countries named by the US Treasury Department list include Luxembourg, New Zealand, South Africa and Brazil. The new list includes 16 new countries which were added to the original list of countries with which the US already has the arrangement.
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.
India has been trying to bring the black money stashed abroad and in India under the Income Tax gamut. The government yesterday said that it has got details of undisclosed foreign assets worth Rs 3,770 crore from 638 declarations. These declarations come under the government’s voluntary discloser one time window. The government could charge up to 60% tax on the disclosed assets.
