Beware! Your bank accounts can be suspended.

Accounts opened from July 2014 to August, 2015 will have to submit know your customer (KYC) details and their Aadhaar number to banks and financial institutions by April 30 and self-certify them to comply with FATCA regulations (Foreign Tax Compliance Act), the tax department said on Tuesday.

In case the account holders are unable to furnish details and provide self-certification by the new deadline, banks and financial institutions have the option of blocking the accounts.

Once the details are furnished they can operate the accounts. The provision applies to accounts which come under the ambit of FATCA regulations.

Tax officials said that the accounts would include banks, insurance, stocks. Account holders will also have to mention their Aadhaar numbers.

Leave a Reply

Your email address will not be published. Required fields are marked *