FATCA is a new law entering in India, which requires governments and other financial institutes to provide informations about foreigners who may be holding bank accounts in their countries.
The purpose of this new law is prevent avoidance of tax by people who open bank accounts in different countries.
The regulatory bodies, rules etc will be under SEBI and under CBDT.
This law is likely to affect individuals and corporations both.
Many NRI from US, UK, Dubai, etc countries have bank accounts in India.
The authorities of country where FATCA is applicable, are bound to supply this information to other country.
Haresh Raichura
24/4/14
