Page 59 - IACC Newsletter March-April 2014 Issue 03

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Top US Diplomat to Visit India Ahead of John Kerry's Trip
Deputy Secretary of State William J Burns
In advance of the bilateral strategic dialogue, a top US diplomat will be visiting India this week as a part of preparation
for the highest level talks between the two countries.
According to the State Department, Deputy Secretary of State William J Burns will be in India on a two-day visit starting
July 10 in advance of the US-India Strategic Dialogue. "He will discuss the full range of bilateral issues - including
economic, energy, and security cooperation - with senior Indian officials," the State Department said in a statement.
"The deputy secretary will be the highest-level administration official to visit since the inauguration of the new Indian
government, and this trip is an opportunity to further strengthen and deepen this important bilateral relationship," the
statement said. US Senator John McCain visited India on July 2 and 3, and conveyed Indian Prime Minister Narendra
Modi the US' keen desire to work with him to revitalize the India-US strategic partnership.
Mr. Burn's trip to New Delhi precedes US Secretary of State John Kerry's visit to India.
Mr. Kerry will be visiting India to hold Indo-US Strategic Dialogue with his Indian counterpart Ms. Swaraj on July 31.
Mr. Kerry and Ms. Swaraj are expected to prepare the ground for a bilateral meeting between Mr. Modi and US
President Barack Obama, who had invited the Indian leader for a meeting in Washington.
Mr. Modi will visit the US in September.
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India, US agree to implement Foreign Accounts Tax Compliance Act
India and the United States have reached an agreement in substance on the terms of an inter-governmental agreement
(IGA) to implement the Foreign Accounts Tax Compliance Act (FATCA) and India is now treated as having an IGA in effect
from 11 April 2014. However, the IGA would be signed only after cabinet approval, the Reserve Bank of India said in a
release.
Indian financial institutions would have time up to 31 December, 2014 to register with US authorities and obtain a
Global Intermediary Identification Number (GIIN), RBI said. ''Indian financial institutions having overseas branches in
Model 1 jurisdictions, including those jurisdictions where an agreement under Model I have been reached in substance
would have time up to 31 December 2014 to register with US authorities and obtain a GIIN.''
Since IGA would be signed after obtaining the approval of the cabinet, such financial institutions having overseas
branches in Model 1 jurisdictions should register only after the formal IGA is signed. RBI said this will be communicated
in due course.