Suraj wrote:FATCA compliance is only required for those who have US assets . This includes all US people (citizens and GCs) and work visa holders . There’s no requirement for regular folks’ information to be passed to US authorities - no country would do that . If compliance is a burden, Indian banks can just exit from personal banking on US shores and let branches of US banks in India handle all such accounts .
FATCA form as part of additional KYC was pitched to me as a SEBI requirement for some mutual funds that I am holding. The overeager guy at the counter said that since I was already there, why didn't I sign the additional KYC FATCA form??
I declined to do so but was curious enough to ask to see the form which he showed me.
I don't hold any assets in the US and nor am I planning to acquire any.
I am pissed that the US of effing A can ask for the financial details and other info on an Indian citizen and our bleddy govt is all gungho to pass it on. What about my rights to privacy under the Indian constitution??