Credit to: Tax News : What NRI investors need to take note of in the latest IRS Notice

There are many Non-Resident Indians (NRIs) from the US that are fearful of being involuntary discovered through the impending Foreign Account Tax Compliance Act (FATCA) disclosures of their Indian accounts by their foreign banks. The US Internal Revenue Service has issued a notice extending the time under which certain transitional rules for the FATCA will apply.

FATCA requires foreign financial institutions to report on the assets of U.S. taxpayers to the IRS, or else face penalties of up to 30 percent on their income from U.S. sources. The US Treasury Department has delayed a number of the requirements to give banks time to adjust while also negotiating a series of intergovernmental agreements with tax authorities in foreign countries, most of which allow them to act as intermediaries before the information is given to the IRS.
Take note guys