ChiragPatel,
there are at least two issues here ( assuming that you are a resident/citizen of USA) ---- (a) the interest reporting is done just like you would if you had a 1099-INT --- just fill in the amount in US$ using either the annual average exchange rate published by the Treasury or any other valid/supportable exchange rate; (b) because the amount generating this interest may be beyond the $10,000 US$ -- you need to also file the Treasury form 114 ( note that this acounts reporting is now due by 4/15/2016 and not the earlier customary June 30th; (c) you may also have to report to the IRS under FATCA -- specified foreign accounts reporting. Suggest boning up on these last two requirements -- the penalty for not reporting is quite high --- if you need more help , consider adding here or starting a new thread --pk
