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of <h1>India-U.S. Agreement Outlines FATCA Due Diligence for Financial Institutions to Identify and Report U.S. Accounts</h1> The agreement between India and the U.S. outlines due diligence obligations for Indian financial institutions to identify and report U.S. reportable accounts under FATCA. It specifies procedures for reviewing preexisting and new accounts held by individuals and entities. Preexisting individual accounts below certain thresholds are exempt from review, while higher-value accounts require enhanced scrutiny. New accounts must include self-certification to establish U.S. tax residency. Entity accounts are assessed based on their status as U.S. persons or financial institutions. The agreement also allows for alternative procedures and reliance on third parties in certain cases.
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