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What is FATCA?

The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires United States persons, including US persons who live outside the United States, to report their financial accounts held outside of the United States, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their U.S. clients. Government Of India (GOI) has signed a Model 1 Inter-Governmental Agreement (IGA) with USA on July 9, 2015 which necessitates financial institutions in India to comply with FATCA.