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Bank accounts to be blocked if not self-certified by Apr 30

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New Delhi: Bank accounts opened between July 1, 2014 and August 31, 2015 need to submit self-certification by April 30 to comply with FATCA (Foreign Account Tax Compliance Act) provisions, without which the accounts would be blocked, the income tax department said.

The Central Board of Direct Taxes or CBDT said in a statement that if the account holders 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,”

FATCA allows automatic exchange of financial information between India and the US

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