The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 by US Government, aims to check and impose withholding tax on illicit activities of US taxpayers who use offshore accounts to evade taxes. The final FATCA regulations, issued in January 2013, are set to come into effect from July 1, 2014 after signing of Intergovernmental Agreements (IGA) with different countries. On April 11, 2014, India reached an agreement 'in substance' with USA on FATCA.
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