Bank of Baroda - India's International Bank. UK Operations

HMRC Offshore Information Notices

We have recently received a notice from HMRC under Para.5 Sch.36 Finance Act 2008 which legally requires us to report details of any Customer with a UK address on our files who we know to have an offshore account. This is part of a widespread campaign undertaken by HMRC which has resulted in 308 Financial Institutions receiving such notices following a decision by the First Tier Tax Tribunal on 12^th August 2008.

The offshore account may be one held with one of our offshore associated companies or any other unconnected Financial Institution. We are only obliged to report information and /or documents in our power and possession and we will advise those Customers affected once we have complied with the notice.

Though committed to confidentiality, we are under a legal requirement to comply with the notice and would like to state that only a clear and legal direction issued by a Court of competent jurisdiction will oblige us to seek your express written consent to make such disclosure.

Any customers who believe they may have tax related problems concerning an offshore account or asset should visit the HMRC website and consider taking advantage of the New Disclosure Opportunity which commenced on 1^st September 2009. In addition we have arranged for an initial free consultation with leading tax experts Deloitte for any of our Customers who believe they may have a tax problem in relation to their offshore accounts or assets. To contact Deloitte please call 0207 007 9889.