Income Tax Department said every person who had opened accounts from July 2014 to August 2015 must need to submit KYC particulars and also their Aadhaar number to the banks and the financial institutions. This detail account holder needs to make available by 30th April 2017, also to obey FATCA instructions. In absence of the said submissions, the bank will have authority to block their accounts.
As per the order, accounts in banks, stocks, and insurance would require Aadhaar number. In the year 2015, India and USA contracted a tax information sharing agreement as per the new USA law, the law is known as FATCA, the law has the aim to boost for automatic exchange of financial information between the two countries on tax escapes.