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Verify US investors’ details by 30 April, says tax department

Verify US investors’ details by 30 April, says tax department

Wednesday, April 12, 2017, 7:29 AM

The income tax (I-T) department on Tuesday asked brokerage houses, banks, insurance companies and other financial institutions to complete the due diligence of accounts held with them by American investors by 30 April, failing which those accounts have to be suspended. The instruction is meant to enforce an anti-tax evasion and information sharing deal between India and the US signed in 2015.
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