FATCA and India
Posts on The Isaac Brock Society website concerning FATCA and India
For articles on other websites, see Media and Blog Articles
For general discussion of FATCA, see FATCA Discussion Thread
22: Clearly India doesn’t know what a #FATCA IGA is – needs an Indian @ADCSovereignty
30: The Economic Times reports on India’s FATCA IGA
28: India and FATCA
In a way this illustrates the India FATCA challenge is different than in Canada. Here it is indeed mainly NRIs resident in US who do not declare their Indian assets.
The outcome is not only for those NRIs — but as the article also points out: FDI for India-at-large.
‘FATCA leads MFs to avoid fresh investments from US investors’
Press Trust of India | New Delhi
January 11, 2015
…”…..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.
To lower the reporting burden, many mutual funds including HDFC MF, ICICI Prudential MF, Quantum MF and Baroda Pioneer MF, DSP Blackrock MF have even barred investment from residents of US and Canada for some of their schemes, while others are not very keen on investments from such entities.
Moreover, some MFs may even stop taking investments from NRIs till a clarity emerges over FATCA agreement between India and the US…….”……..
The Financial Express, January 23, 2015: “Tax cafe: The FATCA conundrum deepens for India”
Deccan Herald, March 8, 2015: “US to inspire new black money law”
‘Despite Fatca clearance, MFs shun investment from US, Canada’
Sneha Padiyath | Mumbai July 22, 2015 Last Updated at 22:45 IST
As Fatca comes closer, 5 mn folios risk closure
Compliance deadline with US law ends Aug 31, involving accounts with Rs 1 lakh crore in assets
Mumbai July 20, 2016 Last Updated at 22:50 IST
“One in every 10 mutual fund (MF) folios (accounts) in this country is yet to comply with the Foreign Account Tax Compliance Act (Fatca), an American law but having a bearing on most global investors. Non-compliance occurs when any investor does not declare his tax residency. Nearly five million MF accounts—mostly of domestic individual investors—face closure if they don’t by August 31 meet the obligations the government has agreed to enforce on Fatca. Around Rs 1.1 lakh crore worth of assets are in these accounts. Fatca was passed in 2010, as a crackdown on tax ………..”
US tax hunt overseas causes global headaches
Original Article: http://www.livemint.com/Money/4HjtqeRKwoVWmMxEfLZfrI/MFs-banks-lobby-for-extension-of-31-August-FATCA-deadline.html
The MoFreedomFoundation has a new FATCA video critique – this time on the FATCAnization of India
Outcome of this may have interesting implications for the FATCA IGA in India; “The Supreme Court on Tuesday set up a 9-judge bench to examine whether right to privacy is a fundamental right under Constitution.”