Bank accounts to be blocked if not self-certified by April 30, 2017

As part of Foreign Account Tax Compliance Act (FATCA) compliance, the Central Board of Direct Taxes (CBDT) has asked the banks/financial institutions to link their accounts with Aadhaar number and self-certification from customers by April 30, 2017, to avoid closure of accounts.

It is clearly directed the banks to obtain a self-certification for the accounts opened between July 1, 2014 to August 31, 2015. 

Takeaways from above News-

  • Bank accounts be blocked if not linked with Aadhaar number and self-certification by April 30, 2017
  • Customers whose account opened between July1, 2014 to August 31, 2015 have to submit their self-certication by April 30, 2017.

 If you have any other takeaways, do share with us in the comment section

Source- The Indian Express

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