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The income tax department has asked financial institutions (FIs) to ask their non-resident US-based account holders to provide self-certification of their 2014-15 (July-August) accounts by April 30. If norms under the Foreign Account Tax Compliance Act (FATCA) are violated, these accounts will be blocked till the self-certification is received.

Rakesh Nangia, Managing Partner shares his views on aforementioned story for Business Standard.