New Delhi, April 12: The bank accounts opened between from 1 July 2014 to 31 August 2015 will have to compulsorily submit Know Your Customers KYC details and their Aadhar numbers to the banks and financial institutions by 30th April and self-certify to comply with FATCA (Foreign Account Tax Compliance Act). "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 Central Board of Direct Taxes or CBDT said in a statement. If norms under the Foreign Account Tax Compliance Act (FATCA) are violated, these accounts will be blocked till the self-certification is received.
“Newer accounts already have know-your-customer norms,” said Rakesh Nangia, managing partner Nangia & Co. The Income Tax department had on August 31, 2016, indefinitely extended the deadline for complying with the self-certification norm.