Why are Indian banks asking for FACTA information?

[akkum_bakkum]

Getting emails from indian banks. Never heard of this before, Indian banks trying to comply with IRS's Foreign Account Tax Compliance Act (FATCA) is something new. Hope everyone is filing FBAR.

[Assam_Bhayya]

MeToo. endho kanukkovali. India tax filing CA gadini adigi cheptha

[psycontr]

19 minutes ago, akkum_bakkum said:

Getting emails from indian banks. Never heard of this before, Indian banks trying to comply with IRS's Foreign Account Tax Compliance Act (FATCA) is something new. Hope everyone is filing FBAR.

This has been there for long time. As per india and usa/canada agreement indian financial institutions need to report usa tax residents (even you are indian citizen) data to irs. This includes banks, stock brokers. So indian financial institutions ask for ssn.

FBAR is what you declare.

[Assam_Bhayya]

4 minutes ago, psycontr said:

This has been there for long time. As per india and usa/canada agreement indian financial institutions need to report usa tax residents (even you are indian citizen) data to irs. This includes banks, stock brokers. So indian financial institutions ask for ssn.

FBAR is what you declare.

Account open chesinappudu adigadu, tharuvatha eppudu adagaledu, malli ippudu

[psycontr]

Just now, Assam_Bhayya said:

Account open chesinappudu adigadu, tharuvatha eppudu adagaledu, malli ippudu

They ask periodically to get your latest information like Re-KYC. 

[chammakchandra]

32 minutes ago, akkum_bakkum said:

Getting emails from indian banks. Never heard of this before, Indian banks trying to comply with IRS's Foreign Account Tax Compliance Act (FATCA) is something new. Hope everyone is filing FBAR.

Fbar we need to file only when we have $10k+ at any given point of the year right 

[akkum_bakkum]

1 hour ago, Assam_Bhayya said:

MeToo. endho kanukkovali. India tax filing CA gadini adigi cheptha

Never had this type of request before. Been operating NRE/NRO accounts for 15+ years. Anni bokkal close cheddam ani India-US emanna financial treaties cheskunnaya ani doubt.

[akkum_bakkum]

1 hour ago, psycontr said:

They ask periodically to get your latest information like Re-KYC. 

KYC request is different....updating passport/visa and DL details etc. This FACTA is completely different and within IRS' jurisdiction. Anduke doubt came.

[akkum_bakkum]

1 hour ago, chammakchandra said:

Fbar we need to file only when we have $10k+ at any given point of the year right 

Yes, but once filed...you open the tracks of trial forever.

[psycontr]

Just now, akkum_bakkum said:

KYC request is different....updating passport/visa and DL details etc. This FACTA is completely different and within IRS' jurisdiction. Anduke doubt came.

Fatca also they update periodically. Last time I updated my phone number and along with that they asked to fill new fatca form.

[chammakchandra]

30 minutes ago, akkum_bakkum said:

Yes, but once filed...you open the tracks of trial forever.

Oh neva has more then $10k till now