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Inter-Government Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA) - Registration

RBI/2014-15/178
DPSS.CO.AD.No.283/02.27.005/2014-15

August 14, 2014

To

All Payment System Providers, System Participants
and prospective Prepaid Payment Instrument Issuers

Madam/Dear Sir,

Inter-Government Agreement (IGA) with United States of America (US) under Foreign Accounts Tax Compliance Act (FATCA) - Registration

Government of India (GoI) has advised that India and US have reached an agreement in substance on the terms of an Inter-Governmental Agreement (IGA) to implement FATCA and India is now treated as having an IGA in effect from April 11, 2014. However, IGA would be signed only after the approval of Cabinet.

2. In this regard, all Payment System Providers are advised to take note of the contents of the enclosed circular DBOD. AML. No. 20472/14.07.018/2013-14 dated June 27, 2014 issued by our Department of Banking Operations and Development, Central Office on the above subject.

3. Kindly acknowledge the receipt of this circular.

Yours faithfully,

(Nilima Ramteke)
General Manager

Encl: As above


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