[What the detailed text, beneath the screaming (in the print edition) headline actually posits is as under:
Quote Accounts opened from July 2014 to August, 2015 will have to submit know your customer (KYC) details and their Aadhaar number to banks and financial institutions by April 30 and self-certify them to comply with FATCA regulations (Foreign Tax Compliance Act), the tax department said on Tuesday. ... ... The provision applies to accounts which come under the ambit of FATCA regulations. Unquote To a layprseon, on careful reading, it means that ***only*** the "(a)ccounts opened from July 2014 to August, 2015" are affected, ***provided*** these "accounts ... (also) come under the ambit of FATCA [Foreign Account Tax Compliance Act] regulations." So, two conditions are to be met, simultaneously. (Not only that, the detailed text, as reproduced below, further provides that once the details are furnished, beyond the permitted limit of April 30, the accounts, which *might* have had been blocked, on account of not providing the Aadhaar number etc., will again become functional.) So, understandably, ***only a miniscule fraction of bank accounts in the country would be actually affected***. Whereas "Link bank accounts to Aadhaar by April 30: I-T department" clearly conveys the impression that ***all*** bank accounts are to be linked to Aadhaar by April 30. (The accompanying video further reinforces this version.) That's pure mischief!] http://timesofindia.indiatimes.com/india/link-a/cs-to-aadhaar-by-april-i-t-department/articleshow/58137787.cms Link bank accounts to Aadhaar by April 30: I-T department TNN | Updated: Apr 12, 2017, 03.42 PM IST [Video] NEW DELHI: ***Accounts opened from July 2014 to August, 2015 will have to submit know your customer (KYC) details and their Aadhaar number to banks and financial institutions by April 30 and self-certify them to comply with FATCA regulations (Foreign Tax Compliance Act), the tax department said on Tuesday.*** [Emphasis added.] In case the account holders are unable to furnish details and provide self-certification by the new deadline, banks and financial institutions have the option of blocking the accounts. Once the details are furnished they can operate the accounts. ***The provision applies to accounts which come under the ambit of FATCA regulations.*** [Emphasis added.] Banks and financial institutions were asked to obtain self-certification and carry out due diligence for all individual and entity accounts opened from July 1, 2014 to August 31, 2015 to comply with the Foreign Account Tax Compliance Act (FATCA) pact signed by India and the United States. In July 2015, India and the US signed a tax information sharing agreement under a new US law, FATCA, aimed at bolstering efforts for automatic exchange of financial information between the two nations about tax evaders. "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," the tax department said in a statement. Tax officials said that the accounts would include banks, insurance, stocks. Account holders will also have to mention their Aadhaar numbers. -- Peace Is Doable -- You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send an email to [email protected]. Visit this group at https://groups.google.com/group/greenyouth. For more options, visit https://groups.google.com/d/optout.
