(NDTV)
Bank accounts opened between July 1, 2014 and August 31, 2015 and not in compliance with FATCA (Foreign Account Tax Compliance Act) provisions could be blocked. The full impact of bank accounts getting blocked due to non-compliance with FATCA will be known on Tuesday or Wednesday, said a banker in a government-owned bank. Many banks were closed on Monday. The Income Tax Department had set a deadline of April 30 for FATCA compliance for these accounts. “The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts,” the Central Board of Direct Taxes or CBDT had earlier said in a statement.
