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Failing to Link your Aadhaar Information by April 30 May Block Your Bank Account
April 14, 2017
In order to comply with the Foreign Tax Compliance Act (FATCA), the owners of the bank accounts that were opened between July 2014 and August 2015 have to link their Aadhaar number and submit KYC details to their respective banks. In the event of non-conformity, the financial institutions or banks have the authority to block the accounts.
The statement, which was released by the tax department on Tuesday, is in relation to the tax information sharing agreement signed by India and US in July 2015, that was aimed at discouraging tax evasion.
