India extends FATCA due diligence deadline for accounts that become high-value

The Indian government has today announced that it has extended FATCA due diligence deadlines in some cases.

The timeline for completing the due diligence procedure for a reportable account referred to in Rule 114H(3)(d)(ii), namely, for a US reportable account which is a low value account, is extended to December 31, 2016, in cases where the account becomes a high value account as of December 31, 2015, the goverment said.

Deadlines to review accounts of pre-existing entities referred to in 114H(5)(e)(i) were similarly extended.

See:

• Notification

• Release