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of <h1>India-USA Pact Enforces FATCA; India Joins Multilateral Agreement for Automatic Tax Info Exchange Under CRS.</h1> An Inter-Governmental Agreement between India and the USA was signed to implement the Foreign Account Tax Compliance Act (FATCA). India has also joined the Multilateral Competent Authority Agreement for the Automatic Exchange of Information under the Common Reporting Standard (CRS). A Guidance Note was initially released on 31st August 2015 and updated on 31st December 2015, followed by a clarification on 19th February 2016. Based on feedback from financial institutions, a further clarification was issued on 26th May 2016, available on the Income-tax website.
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