– For more information, see: www.india-briefing.com/news/india-sign-tax-information-agreement-fatca-11055.html/#sthash.muwsfAps.dpuf India having signed the FATCA agreement with the United States, Indian FFIs will communicate to the MoF the financial accounts of persons reported to the United States and the MoF will report the information to the IRS. Indian MFIs no longer have to file individually with the IRS. ”IGA” means the intergovernmental agreement between the governments of India and the United States to improve international tax compliance and implement the United States FATCA. In April 2014, the U.S. Treasury and the IRS announced that all jurisdictions that ”make agreements for the most part” and agree that their compliance status by the 1st For THEFIs of countries that have not entered into a FATCA agreement with the United States, this report is addressed directly to the IRS. For MFIs in countries such as India that have an agreement with the United States, MFIs provide this information to their respective governments. As decided by Congress, FATCA should form the basis of a relationship between the U.S. Treasury and individual foreign banks. However, some MFIs replied that they are not able to comply with their countries` laws on privacy, confidentiality, discrimination, etc., while respecting fatCA as adopted.
  Discussions with and among financial industry lobbyists resulted in Intergovernmental Agreements (IGAs) between the U.S. government executive and foreign governments. .