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Bank accounts to be blocked: Full impact of FATCA to be known on Tuesday

This would only be after banks across the country commence functioning on May 2

IANS  |  Chennai 

The full impact of bank accounts getting blocked due to non-compliance with the Foreign Account Tax Compliance Act (FATCA) will be known on Tuesday or Wednesday, said a banker in a government-owned bank. This would only be after banks across the country commence functioning on May 2 after the May Day holiday on Monday. "Today (Monday) is a holiday in some states due to May Day and the headquarters of most of the banks are located in those states," he told IANS preferring anonymity. According to him, whether the bank's software would automatically block a FATCA ...

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First Published: Mon, May 01 2017. 16:03 IST
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