The reputable site LiveMint.com reports that India is expected to sign an IGA with the U.S. before the end of this year.
“New Delhi: India should be able to sign the Foreign Account Tax Compliance Act (Fatca) with the US by 31 December, said a senior government official. The move will be a major reprieve for Indian financial institutions dealing with US taxpayers and end weeks of uncertainty.”
At the end of the article the following quote can be found:
Sunil Jain, a partner at law firm J Sagar Associates, said the signing of the agreement between both the countries will be a critical milestone. “India may also need to consider a similar programme of its own soon so that it can collect information about its taxpayers from other countries,” he said.