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WHAT IS FBAR?

Foreign Bank Account Reporting.


1. You have to declare your all Foreign bank accounts/FD's and pay tax on all income.


2. Also you have to report all foreign stocks, mutual funds and life insurance policy.


3. If you fail to report, penalty is very high. (50% of highest balance in last 6 years)


Now all banks/stock brokers from India will report bank accounts to IRS in USA.