Banks and financial institutions will be obliged to submit the details. After details have been credited to the account holder will be able to operate the account. All things will be brought under the law. Has been asked to obtain certification by banks and financial institutions. All individuals have been asked to provide details of the company. July 2014 was asked to give account details, which opened in August 2015. In July 2015, the agreement was signed between India and the US tax information under the new US law.

The official said that the tax would apply to bank accounts, insurance, stock and account holders.

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