FI a/c holders must self-certify by Apr 30 or bank accounts will be blocked- Rakesh Nangia

The income tax department has asked financial institutions (FIs) to ask their non-resident US-based account holders to provide self-certification of their 2014-15 (July-August) accounts by April 30. If norms under the Foreign Account Tax Compliance Act (FATCA) are violated, these accounts will be blocked till the self-certification is received.

Rakesh Nangia, Managing Partner shares his views on aforementioned story for Business Standard.