India Signs FATCA Agreement With US

14 July 2015
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As the world´s seventh largest economy, with a GDP of 2.3 trillion dollars, India has been a natural target for the IRS to find non-compliant US taxpayer with unreported accounts at local Indian financial institutions. As early as 2011, HSBC India was the target of a thorough investigation by the IRS, which revealed information about 9,000 US taxpayer accounts amounting to about $400 million in unpaid taxes. Several prosecutions resulted from the investigation, making Indian-Americans especially aware of the risks of keeping assets and bank accounts offshore in their native India. Continue reading this story at our award winning blog -Due Diligence