Gearing up for Obama’s visit: Finance Ministry to rush Cabinet note to sign US FATCA by December 31 – The E… http://t.co/LtTCZdyfLc
— U.S. Citizen Abroad (@USCitizenAbroad) December 22, 2014
NEW DELHI: The finance ministry is planning to rush through a Cabinet note seeking permission to sign an accord with the US on exchanging investment information before a December 31 deadline, ahead of President Barack Obama’s visit to Delhi at the end of January.
The government has got the goahead of the justice MB Shah-led special investigation team (SIT) on black money, which allows India to sign international treaties that include confidentiality clauses, an issue that had prevented ..
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This article is open for comments and they are beginning.
By signing a FATCA IGA India is agreeing to assist the U.S. in imposing U.S. law on India.
The imposition of U.S. law on India includes:
1. The imposition of U.S. law on anybody that the U.S. now or in the future decides to deem a “U.S. person” who will primarily be citizens and residents of India. The U.S. and only the U.S. determines who is a “U.S. person”.
2. Requirements imposed on Indian financial institutions to “round up” those who the U.S. deems to be “U.S. persons” – i.e. those citizens of India with some kind of U.S. connection (probably resulting from their place of birth).
3. Imposing “U.S. law” – past (penalties), present (a requirement to live the “American Way”) and future (creating an “underclass of persons unable to plan for retirement) – on those “citizens of India” that India offers to the U.S..
4. The “U.S. law” imposed on these unfortunate people is a code of requirements and prohibitions that the “citizens” of no other nation are subject to. (The “rights” of “U.S. persons” are only what the U.S. allows. “Sorry, you can’t invest in this – You’re an American”.)
5. These requirements include a requirement to attack the economy of India (yup, double taxation is the forced extraction of “after tax income” from the economy of India to the U.S. Treasury).
6. These requirements include the requirement to report on the private financial information of “citizens of India” who have the misfortune to be affiliated with someone who the U.S. decides to “deem” a U.S. person.
A FATCA IGA is nothing less and nothing more than entering OVDP for countries.
Because a FATCA IGA is an:
Offshore – Yes, all non-U.S. countries are offshore
Voluntary – Yes, these countries are voluntarily surrendering their sovereignty to the USA
Disclosure – Yes, they are going to allow the U.S. to designate who they are looking for, find them and then disclose them to the USA.
Program – Of course it’s a program. This particular program is called the Model 1 IGA.
Someone really should go to India and have a conversation with their Finance Ministry before they decide to “Commit suicide to avoid dying.”
