Foreign Account Tax Compliance Act News

Mutual funds industry body Amfi has said the investor accounts would continue to earn the returns and other benefits accruing even when the folios are 'freezed'.

Through an order issued days before FATCA was signed by the two countries on July 9, the CBDT has increased the strength of the panel from existing seven to eight members.

The information shared under the FATCA, which India signed with the US Thursday, will be treated as confidential and will be used only for tax purposes.

India is considering signing an agreement with the US to make Indian financial institutions complaint with Foreign Account Tax Compliance Act (FATCA), Minister of State for Finance Jayant Sinha informed Parliament Tuesday.

Stringent compliance requirements under the Foreign Account Tax Compliance Act of the US have led to several mutual fund houses avoiding fresh investments from American investors.

India and some other countries have got one more month from the US to sign the Foreign Account Tax Compliance Act (FATCA), an agreement which seeks to facilitate flow of financial information.

According to this expert, the world`s leading economic power still wields "considerable leverage" thanks to the dollar, the world`s reserve currency.