India and United States (U.S.) signed Inter Governmental Agreement (I.G.A).

India and United States (U.S.) signed Inter Governmental Agreement (I.G.A.) to implement the Foreign Account Tax Compliance Act (F.A.T.C.A). The agreement will promote transparency on tax matters between the two countries. As per the I.G.A, F.F.I's in India will be required to report tax information about US account holders directly to the Indian Government which will, in turn, relay that information to the I.R.S.