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of <h1>India-US Agreement Enforces FATCA for Automatic Tax Information Exchange, Clarifies Key Terms and Reporting Guidelines</h1> The an agreement between India and the United States to enhance international tax compliance and implement the Foreign Account Tax Compliance Act (FATCA). Effective from August 31, 2015, this agreement facilitates the automatic exchange of tax-related information between the two countries. It defines key terms such as 'Financial Institution,' 'Custodial Account,' and 'Reportable Account,' and establishes guidelines for identifying and reporting financial accounts held by residents of each country. The agreement aims to address legal and compliance challenges, ensuring confidentiality and minimizing duplicative reporting obligations for financial institutions in both nations.
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