NRI bank accounts not self-certified by Apr 30 to be blocked

[NuvvNen]

The Income Tax Department has said that all account holders under the ambit of the Foreign Tax Compliance Act need to self-certify the accounts by April 30, failing which the accounts will be blocked. 

While transactions with respect to such blocked accounts will be prohibited from May, it will be permitted once self-certification is obtained and due dilige

 

The order also includes the linkage of insurance and stock accounts.

Clarifying on the order, the Income Tax department said in a statement, "The account holders may be informed that, 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."

[NuvvNen]

What is impact ??

 

What should we do mama :?

[uncertainty]

Already my ICICI account frozen.. PAN isthey they will unlock

[babu_bangaram]

what does " self-certified " means ....what we need to do ......?

is this KYC requirement?

[Luke]

[icecreamZ]

48 minutes ago, psycopk said:

ori nee eshalo.. mee bratukulaki.. system ni mundu set chesukondi.. 

people meda padataru endi ra lanjaa kodakallara.. banks meda padandi.. kojja nayyalara..thu chekka gadi lane unaru vadi kinda pani chese vallu kuda... 

em matladuthunnavo....em arthav avvatledhu..... why so gussa?

 

[ICANWIN]

i have  NRI and NRE accounts ..ippudem cheyali according to post? PAN update cheyala?

[Spartan]

Source of the news please.

[Tenali]

It looks like it only affects accounts that were opened between July 1, 2014 and August 31, 2015

source:Indian express

http://indianexpress.com/article/india/submit-self-certification-of-accounts-to-bank-by-april-30-or-risk-closure-of-account-cbdt-4610116/

[just2deal]

1 hour ago, psycopk said:

ori nee eshalo.. mee bratukulaki.. system ni mundu set chesukondi.. 

people meda padataru endi ra lanjaa kodakallara.. banks meda padandi.. kojja nayyalara..thu chekka gadi lane unaru vadi kinda pani chese vallu kuda... 

cos Indian government entered an Inter-Governmental Agreement (IGA) with USA for implementation of FATCA coming into force on 31st August 2015.

and as per FACTA rules,they need comply

https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca

 

The requirement is only for NRIs living in USA

[k2s]

1 hour ago, psycopk said:

ori nee eshalo.. mee bratukulaki.. system ni mundu set chesukondi.. 

people meda padataru endi ra lanjaa kodakallara.. banks meda padandi.. kojja nayyalara..thu chekka gadi lane unaru vadi kinda pani chese vallu kuda... 

[icecreamZ]

51 minutes ago, ICANWIN said:

i have  NRI and NRE accounts ..ippudem cheyali according to post? PAN update cheyala?

yes.

acctount details and balances ikkada post cheyyali

[ICANWIN]

1 minute ago, icecreamZ said:

yes.

acctount details and balances ikkada post cheyyali

Account # : 364743580   Balance: 1000038383929928378

Account # : 364743584   Balance: 1000038383929924848

[babu_bangaram]

All bank accounts that were opened between July 1, 2014 and August 31, 2015 will require submission of self certification forms by April 30 this year, failing which the accounts will be blocked, according to a statement issued by the Central Board of Direct Taxes.

 

[HyperAdi]

47 minutes ago, k2s said:

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