India and US have reached an agreement on the terms of an Inter-Governmental Agreement (IGA) to implement and India is now treated as having an IGA in effect from April 11, 2014. However, IGA would be signed only after the approval of Cabinet.
Indian Financial Institutions would have time upto December 31, 2014 to register with US authorities and obtain a Global Intermediary Identification Number (GIIN). Financial institutions having overseas branches in Model 1 jurisdictions should register only after the formal IGA is signed.
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