[What the detailed text, beneath the screaming (in the print edition)
headline actually posits is as under:
Quote
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.
...
... The provision applies to accounts which come under the ambit of
FATCA regulations.
Unquote
To a layprseon, on careful reading, it means that ***only*** the
"(a)ccounts opened from July 2014 to August, 2015" are affected,
***provided*** these "accounts ... (also) come under the ambit of
FATCA [Foreign Account Tax Compliance Act] regulations."
So, two conditions are to be met, simultaneously.
(Not only that, the detailed text, as reproduced below, further
provides that once the details are furnished, beyond the permitted
limit of April 30, the accounts, which *might* have had been blocked,
on account of not providing the Aadhaar number etc., will again become
functional.)
So, understandably, ***only a miniscule fraction of bank accounts in
the country would be actually affected***.
Whereas "Link bank accounts to Aadhaar by April 30: I-T department"
clearly conveys the impression that ***all*** bank accounts are to be
linked to Aadhaar by April 30.
(The accompanying video further reinforces this version.)
That's pure mischief!]
http://timesofindia.indiatimes.com/india/link-a/cs-to-aadhaar-by-april-i-t-department/articleshow/58137787.cms
Link bank accounts to Aadhaar by April 30: I-T department
TNN | Updated: Apr 12, 2017, 03.42 PM IST
[Video]
NEW DELHI: ***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.*** [Emphasis added.]
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.*** [Emphasis added.]
Banks and financial institutions were asked to obtain
self-certification and carry out due diligence for all individual and
entity accounts opened from July 1, 2014 to August 31, 2015 to comply
with the Foreign Account Tax Compliance Act (FATCA) pact signed by
India and the United States.
In July 2015, India and the US signed a tax information sharing
agreement under a new US law, FATCA, aimed at bolstering efforts for
automatic exchange of financial information between the two nations
about tax evaders.
"The account holders may be informed that, in case self-certifications
are not provided till April 30, 2017, the accounts would be blocked,
which would mean that the financial institution would prohibit the
account holder from effecting any transaction with respect to such
accounts," the tax department said in a statement.
Tax officials said that the accounts would include banks, insurance,
stocks. Account holders will also have to mention their Aadhaar
numbers.
--
Peace Is Doable
headline actually posits is as under:
Quote
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.
...
... The provision applies to accounts which come under the ambit of
FATCA regulations.
Unquote
To a layprseon, on careful reading, it means that ***only*** the
"(a)ccounts opened from July 2014 to August, 2015" are affected,
***provided*** these "accounts ... (also) come under the ambit of
FATCA [Foreign Account Tax Compliance Act] regulations."
So, two conditions are to be met, simultaneously.
(Not only that, the detailed text, as reproduced below, further
provides that once the details are furnished, beyond the permitted
limit of April 30, the accounts, which *might* have had been blocked,
on account of not providing the Aadhaar number etc., will again become
functional.)
So, understandably, ***only a miniscule fraction of bank accounts in
the country would be actually affected***.
Whereas "Link bank accounts to Aadhaar by April 30: I-T department"
clearly conveys the impression that ***all*** bank accounts are to be
linked to Aadhaar by April 30.
(The accompanying video further reinforces this version.)
That's pure mischief!]
http://timesofindia.indiatimes.com/india/link-a/cs-to-aadhaar-by-april-i-t-department/articleshow/58137787.cms
Link bank accounts to Aadhaar by April 30: I-T department
TNN | Updated: Apr 12, 2017, 03.42 PM IST
[Video]
NEW DELHI: ***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.*** [Emphasis added.]
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.*** [Emphasis added.]
Banks and financial institutions were asked to obtain
self-certification and carry out due diligence for all individual and
entity accounts opened from July 1, 2014 to August 31, 2015 to comply
with the Foreign Account Tax Compliance Act (FATCA) pact signed by
India and the United States.
In July 2015, India and the US signed a tax information sharing
agreement under a new US law, FATCA, aimed at bolstering efforts for
automatic exchange of financial information between the two nations
about tax evaders.
"The account holders may be informed that, in case self-certifications
are not provided till April 30, 2017, the accounts would be blocked,
which would mean that the financial institution would prohibit the
account holder from effecting any transaction with respect to such
accounts," the tax department said in a statement.
Tax officials said that the accounts would include banks, insurance,
stocks. Account holders will also have to mention their Aadhaar
numbers.
--
Peace Is Doable
With best wishes,
from
from
Rahul, 
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Posted by: Rahul <bruntno1@yahoo.com>
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