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​Income tax (11th Amendment) Rules 2015

Income Tax - 62/2015 - Dated:- 7-8-2015 - [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES Notification No. 62/2015 New Delhi, the 7th August, 2015 S.O. 2155(E) - In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government with respect to registration of persons, due diligence and .....

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;114F Definitions.- For the purpose of this rule and rules 114G and 114H,- (1) "financial account" means an account (other than an excluded account) maintained by a financial institution, and includes- (i) a depository account; (ii) a custodial account; (iii) in the case of an investment entity, any equity or debt interest in the financial institution. Explanation.- For the purposes of this sub-clause "financial account" shall not include any equity interest or debt interest .....

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interest in the financial institution, if the class of interests was established with a purpose of avoiding reporting in accordance with rule 114G and, in case of a U.S. reportable account, if the value of debt or equity interest is determined, directly indirectly, primarily by reference to assets that give rise U.S. source withholdable payments; and (v) any cash value insurance contract and any annuity contract issued or maintained by a financial institution, other than a non-investment-linked .....

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by a financial institution in the ordinary course of a banking or similar business and also an amount held by an insurance company pursuant to a guaranteed investment contract or similar agreement to pay or credit interest thereon; (b) "custodial account" means an account (other than an insurance contract or annuity contract) for the benefit of another person that holds one or more financial assets; (c) "equity interest" in a financial institution, being- (i) a partnership fi .....

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trust. (d) "insurance contract" means a contract (other than an annuity contract) under which the issuer agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk; (e) "annuity contract" means a contract under which the issuer agrees to make payments for a period of time determined in whole or in part by reference to the life expectancy of one or more individuals; (f) "cash value insurance .....

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th regard to the contract, shall not constitute a cash value insurance contract; (g) "cash value" means the greater of- (i) the amount that the policyholder is entitled to receive upon surrender or termination of the contract (determined without reduction for any surrender charge or policy loan); and (ii) the amount the policyholder can borrow under or with regard to the contract, but does not include an amount payable under an insurance contract,- (A) solely by reason of the death of .....

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an annuity contract) due to cancellation or termination of the contract, decrease in risk exposure during the effective period of the contract, or arising from the correction of a posting or similar error with regard to the premium for the contract; or (D) as a policyholder dividend (other than a termination dividend) provided that the dividend relates to an insurance contract under which the only benefits payable are described in sub-clause (ii); or (E) as a return of an advance premium or pre .....

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he account is subject to regulation as a personal retirement account or is part of a registered or regulated retirement or pension plan for the provision of retirement or pension benefits (including disability or death benefits); (B) the account is tax-favoured where contributions to the account that would otherwise be subject to tax are deductible or excluded from the gross total income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferr .....

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lion U.S. dollars or less, in each case applying the rules specified in clause (c) of sub-rule (7) of rule 114H for account aggregation and currency translation. Explanation.- A financial account that otherwise satisfies the requirements of item (E) will not fail to satisfy such requirements solely because such financial account may receive assets or funds transferred from one or more financial accounts that meet the requirements of item (A) or (B) or from one or more retirement or pension funds .....

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contributions to the account that will otherwise be subject to tax are deductible or excluded from the total income of the account holder or taxed at a reduced rate, or taxation of investment income from the account is deferred or taxed at a reduced rate; (C) withdrawals are conditioned on meeting specific criteria related to the purpose of the investment or savings account (for example, the provision of educational or medical benefits), or penalties apply to withdrawals made before such criter .....

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quirements of item (A) or (B) or from one or more retirement or pension funds that meets the requirements of clauses (e), (f) or (g) of Explanation to clause (1) of this rule; (iii) an account established under the Senior Citizens Savings Scheme Rules, 2004 made under the Government Savings Banks Act, 1873 (5 of 1873). (iv) a life insurance contract with a coverage period that will end before the insured individual attains age of ninety years, provided that the contract satisfies the following r .....

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paid for the contract, less the sum of mortality, morbidity, and expense charges (whether or not actually imposed) for the period or periods of the contract's existence and any amounts paid prior to the cancellation or termination of the contract; and (D) the contract is not held by a transferee for value; (v) an account that is held solely by an estate if the documentation for such account includes a copy of the deceased's will or death certificate; (vi) an account established in conne .....

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of the property; (b) the account is established and used solely to secure the obligation of the purchaser to pay the purchase price for the property, the seller to pay any contingent liability, or the lessor or lessee to pay for any damages relating to the leased property as agreed under the lease; (c) the assets of the account, including the income earned thereon, will be paid or otherwise distributed for the benefit of the purchaser, seller, lessor, or lessee (including to satisfy such person& .....

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ed to the real property at a later time; (D) an obligation of a financial institution solely to facilitate the payment of taxes at a later time; (vii) in the case of an account other than a U.S. reportable account, a depository account that satisfies the following requirements, namely:- (A) the account exists solely because a customer makes a payment in excess of a balance due with respect to a credit card or other revolving credit facility and the overpayment is not immediately returned to the .....

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ount aggregation and currency translation and for this purpose, a customer overpayment does not refer to credit balances to the extent of disputed charges but includes credit balances resulting from merchandise returns; (2) "financial asset" includes a security (for example, a share of stock in a corporation; partnership or beneficial ownership interest in a widely held or publicly traded partnership or trust; note, bond, debenture, or other evidence of indebtedness), partnership inter .....

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an immovable property; (3) "financial institution" means a custodial institution, a depository institution, an investment entity, or a specified insurance company. Explanation.- For the purposes of this clause,- (a) "custodial institution" means any entity that holds, as a substantial portion of its business, financial assets for the account of others and where its income attributable to the holding of financial assets and related financial services equals or exceeds twenty p .....

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stomer, namely:- (i) trading in money market instruments (cheques, bills, certificates of deposit, derivatives, etc.); foreign exchange; exchange, interest rate and index instruments; transferable securities; or commodity futures trading; or (ii) individual and collective portfolio management; or (iii) otherwise investing, administering, or managing financial assets or money on behalf of other persons; or (B) the gross income of which is primarily attributable to investing, reinvesting, or tradi .....

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es of sub-clause (B) of this clause, if the entity's gross income attributable to the relevant activities equals or exceeds fifty per cent. of the gross income of the entity during the shorter of the three-year period ending on 31st March of the year preceding the year in which the determination is made or the period during which the entity has been in existence. Explanation 2.- The term "investment entity" shall not include an entity that is an active non-financial entity merely b .....

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use (r) of Article 1 of the agreement between the Government of the Republic of India and the Government of the United States of America to improve international tax compliance and to implement Foreign Account Tax Compliance Act of the United States of America (herein after referred to as the FATCA agreement), but does not include,- (a) an Indian financial institution; or (b) other jurisdiction, being a jurisdiction that has in effect an agreement with the United States of America to facilitate .....

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tution that is,- (a) a Governmental entity, International Organisation or Central Bank, other than with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a specified insurance company, custodial institution, or depository institution; (b) a Treaty Qualified Retirement Fund; a Broad Participation Retirement Fund; a Narrow Participation Retirement Fund; or a Pension Fund of a Governmental entity, International Or .....

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uch entity) or a financial institution referred to in sub-clauses (a) to (c); (e) a qualified credit card issuer; (f) an investment entity established in India that is a financial institution only because it,- (I) renders investment advice to, and acts on behalf of; or (II) manages portfolios for, and acts on behalf of; or (III) executes trades on behalf of, a customer for the purposes of investing, managing, or administering funds or securities deposited in the name of the customer with a finan .....

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alue accounts; (l) sponsored investment entity and controlled foreign corporation, in case of any U.S. reportable account; or (m) sponsored closely held investment vehicle, in case of any U.S. reportable account. Explanation.- For the purpose of this clause,- (A) "Governmental entity" means the Government of a country or territory, any political subdivision of a country or territory (including a state, province, county, or municipality), or any wholly owned agency or instrumentality or .....

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rity of a country or territory and the net earnings of the governing authority must be credited to its own account or to other accounts of the country or territory, with no portion inuring to the benefit of any private person: Provided that an integral part does not include any individual who is a sovereign, official, or administrator acting in a private or personal capacity: Provided further that the income does not inure to the benefit of private persons if such persons are the intended benefi .....

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ntity that is separate in form from the country or territory or that otherwise constitutes a separate juridical entity: Provided that- (a) the entity is wholly owned and controlled by one or more Governmental entities directly or through one or more controlled entities; (b) the entity's net earnings are credited to its own account or to the accounts of one or more Governmental entities, with no portion of its income inuring to the benefit of any private person; and (c) the entity's asset .....

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ernmental entity engaged in a commercial business, such as a commercial banking business, which provides financial services to private persons; (B) "International Organisation" means any international organization or wholly owned agency or instrumentality thereof including any inter-Governmental organisation,- (a) that is comprised primarily of Governments; (b) that has in effect a headquarters or substantially similar agreement with India; and (c) the income of which does not inure to .....

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ia, provided that the fund is entitled to benefits under an agreement between India and the Government of any country or territory outside India on income that it derives from sources within such country or territory outside India (or would be entitled to such benefits if it derived any such income) as a resident of India that satisfies any applicable limitation on benefits requirement, and is operated principally to administer or provide pension or retirement benefits; (E) "Broad Participa .....

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e income-tax authorities; and (iii) satisfies at least one of the following requirements, namely:- (a) the fund is generally exempt from tax on investment income, or taxation of such income is deferred or taxed at a reduced rate, due to its status as a retirement or pension plan; (b) the fund receives at least fifty per cent of its total contributions [other than transfer of assets from other plans referred to in clauses (D) to (G) or from retirement and pension accounts referred to in sub-claus .....

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ther than permitted make-up contributions) by employees to the fund are limited by reference to earned income of the employee or may not exceed an amount equivalent to fifty thousand U.S. dollars annually, applying the procedures set forth in clause (c) of sub-rule (7) of rule 114H for account aggregation and currency translation; (F) "Narrow Participation Retirement Fund" means a fund established to provide retirement, disability, or death benefits to beneficiaries who are current or .....

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(1)] are limited by reference to earned income and compensation of the employee, respectively; (iv) participants who are not residents in India are not entitled to more than twenty per cent of the fund's assets; and (v) the fund is subject to Government regulation and provides information reporting to the income-tax authorities; (G) "Pension Fund of a Governmental entity, International Organisation or Central Bank" means a fund established by a Governmental entity, International Or .....

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India as a regimental fund or non-public fund by the armed forces of the Union of India for the welfare of the current and former members of the armed forces and whose income is exempt from tax under clause (23AA) of section 10 of the Act; (I) "Employees' State Insurance Fund" means the fund established as Employees' State Insurance Fund under the provisions of the Employees' State Insurance Act, 1948 (34 of 1948), to provide medical expenses of low-income factory workers i .....

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ian employers retirement benefits in consideration for services rendered: Provided that fund,- (i) does not have any beneficiary with a right to more than five per cent. of the fund's assets; (ii) is subject to Government regulation and provides annual information reporting about its beneficiaries to the income- tax authorities; (iii) is generally exempt from tax on investment income due to its status as a provident fund; and (iv) contributions (other than permitted make-up contributions) by .....

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s deposits only when a customer makes a payment in excess of a balance due with respect to the card and the overpayment is not immediately returned to the customer; and (ii) beginning on or before the 1st July, 2014, the financial institution implements policies and procedures either to prevent a customer from making an overpayment in excess of an amount equivalent to fifty thousand U.S. dollars or to ensure that any customer overpayment in excess of an amount equivalent to fifty thousand U.S. d .....

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lective investment vehicle, provided that all of the interests in the collective investment vehicle are held by or through persons other than,- (i) those referred to in sub-clauses (a) to (c) of clause (6); and (ii) a non-participating financial institution. Explanation.- An investment entity which is regulated as a collective investment vehicle does not fail to qualify under this clause as an exempt collective investment vehicle, only because it has issued physical shares in bearer form: Provid .....

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investment vehicle has in place policies and procedures to ensure that such shares are redeemed or immobilised as soon as possible, and in any event prior to the 1st January, 2017; (N) "financial institution with a local client base" means a financial institution satisfying the following requirements, namely:- (i) it has been granted a license and is regulated as a financial institution under any law for the time being in force; (ii) the financial institution does not have a fixed pla .....

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rs outside India merely because the financial institution,- (a) operates a website, provided that the website does not specifically indicate that the financial institution provides financial accounts or services to non-residents, and does not otherwise target or solicit customers or account holders who are resident of any country or territory outside India for tax purposes; or (b) advertises in print media or on a radio or television station which is distributed or aired primarily within India b .....

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f either information reporting or withholding of tax with respect to financial accounts held by residents or for purposes of satisfying the due diligence requirements under the Prevention of Money-laundering Act, 2002 (15 of 2003); (v) at least ninety eight per cent. of the financial accounts by value maintained by the financial institution are held by residents; (vi) beginning on or before the 30th June, 2014, the policies and procedures of the financial institution are consistent with those se .....

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portable persons; (vii) such policies and procedures explicitly provide that if any financial account held by a reportable person who is not a resident of India or by a passive non-financial entity with controlling persons who are reportable persons who are not resident of India is identified, the financial institution shall report such financial account as would be required if the financial institution was a reporting financial institution or close such financial account; (viii) with respect to .....

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uch financial account; (ix) each related entity of the financial institution that is a financial institution must be incorporated or organised in India and, with the exception of any related entity that is a retirement fund referred to in clauses (D) to (G) of this Explanation, satisfies the requirements set forth in this clause; and (x) the financial institution must not have policies or practices which discriminate against opening or maintaining financial accounts for individuals who are speci .....

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a bank, unrelated retail customers and, with respect to a credit union or similar cooperative credit organisation, members, provided that no member has a greater than five per cent. interest in such credit union or cooperative credit organisation; (iii) the financial institution satisfies the requirements set forth in sub-clauses (ii) and (iii) of clause (N), provided that, in addition to the limitations on the website referred to in sub-clause (iii) of clause (N), the website does not permit t .....

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y that is a financial institution, with the exception of any related entity that is a retirement fund referred to in clauses (D) to (G) or a financial institution with only low-value accounts referred to in clause (P), must satisfy the requirements set forth in this clause. Explanation.- Regional Rural Banks constituted under the Regional Rural Bank Act 1976 (21 of 1976), Urban Cooperative Banks constituted under respective State Cooperative Societies Acts or Multi State Cooperative Societies Ac .....

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low-value accounts" means a financial institution satisfying the following requirements, namely:- (i) the financial institution is not an investment entity; (ii) no financial account maintained by the financial institution or any related entity has a balance or value in excess of an amount equivalent to fifty thousand U.S. dollars, applying the procedures prescribed in clause (c) of sub-rule (7) of rule 114H for account aggregation and currency translation; and (iii) the financial institut .....

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it is an investment entity established in India that is not a qualified intermediary (being an intermediary that is a party to a withholding agreement with the United States of America), withholding foreign partnership, or withholding foreign trust; and (b) an entity has agreed with the financial institution to act as a sponsoring entity for the financial institution; (ii) a financial institution is a sponsored controlled foreign corporation if- (a) the financial institution is a controlled for .....

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ncial institution to act, as a sponsoring entity for the financial institution; and (c) the financial institution shares a common electronic account system with the sponsoring entity that enables the sponsoring entity to identify all account holders and payees of the financial institution and to access all account and customer information maintained by the financial institution including, but not limited to, customer identification information, customer documentation, account balance, and all pa .....

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table account with respect to the financial institution, the sponsoring entity registers the financial institution pursuant to applicable registration requirements of the United States of America on or before the 31st December, 2015 or the date that is ninety days after such U.S. reportable account is first identified, whichever is later; (IV) the sponsoring entity agrees to perform, on behalf of the financial institution, all due diligence, withholding, reporting, and other requirements that th .....

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osely held investment vehicle" means a financial institution satisfying the following requirements, namely:- (i) it is a financial institution only because it is an investment entity and is not a qualified intermediary (being an intermediary that is a party to a withholding agreement with the United States of America), withholding foreign partnership, or withholding foreign trust; (ii) the sponsoring entity is a reporting U.S. financial institution referred to in Article 1 of the FATCA agre .....

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ii) the financial institution does not act as an investment vehicle for unrelated parties; (iv) twenty or less than twenty individuals own all the debt interests and equity interests in the financial institution (other than debt interests owned by participating foreign financial institution defined in Annex II of the FATCA agreement and non-reporting financial institutions and equity interests owned by an entity if that entity owns hundred per cent. of the equity interests in the financial insti .....

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red to perform if it were a reporting financial institution and retains documentation collected with respect to the financial institution for a period of six years; (c) the sponsoring entity identifies the financial institution in all its reporting completed on the financial institution's behalf; and (d) the sponsoring entity has not had its status as a sponsor revoked; (6) "reportable account" means a financial account which has been identified, pursuant to the due diligence proce .....

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iteria, namely:- (i) less than fifty per cent of the entity's gross income for the preceding financial year is passive income and less than fifty per cent of the assets held by the entity during the preceding financial year are assets that produce or are held for the production of passive income; or (ii) the stock of the entity is regularly traded on an established securities market or the non-financial entity is a related entity of an entity, the stock of which is regularly traded on an est .....

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of the entity consist of holding (in whole or in part) the outstanding stock of, or providing financing and services to, one or more subsidiaries that engage in trades or businesses other than the business of a financial institution: Provided that an entity shall not qualify for this status if it functions as an investment fund, such as a private equity fund, venture capital fund, leveraged buyout fund, or any investment vehicle whose purpose is to acquire or fund companies and then hold interes .....

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years, and is in the process of liquidating its assets or is reorganising with intent to continue or recommence operations in a business other than that of a financial institution; or (vii) the entity primarily engages in financing and hedging transactions with, or for, related entities which are not financial institutions, and does not provide financing or hedging services to any entity which is not a related entity, provided that the group of any such related entities is primarily engaged in a .....

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ed exclusively for the promotion of social welfare; (b) it is exempt from income-tax in India; (c) it has no shareholders or members who have a proprietary or beneficial interest in its income or assets; (d) the applicable laws of the entity's country or territory of residence or the entity's formation documents do not permit any income or assets of the entity to be distributed to, or applied for the benefit of, a private person or non-charitable entity other than pursuant to the conduct .....

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e Government of the entity's country or territory of residence or any political sub-division thereof. Explanation.- For the purpose of this sub-clause, the following shall be treated as fulfilling the criteria provided in the said sub-clause, namely:- (I) an Investor Protection Fund referred to in clause (23EA); (II) a Credit Guarantee Fund Trust for Small Industries referred to in clause 23EB; and (III) an Investor Protection Fund referred to in clause (23EC), of section 10 of the Act; (B) .....

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India; or (ii) CIR/MIRSD/2/2013, issued on the 24th January, 2013 by the Securities and Exchange Board of India; or (iii) IRDA/SDD/GDL/CIR/019/02/2013, issued on the 4th February, 2013 by the Insurance Regulatory and Development Authority. Explanation 2.- In the case of a trust, the controlling person means the settlor, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the trust, and in the .....

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foreign trust; (E) an entity is a "related entity" of another entity if either entity controls the other entity, or the two entities are under common control. Explanation.- For the purpose of this clause control includes direct or indirect ownership of more than fifty per cent. of the votes and value in an entity; (F) "passive income" includes income by way of,- (i) dividends; (ii) interest; (iii) income equivalent to interest; (iv) rents and royalties (other than rents and .....

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from swaps; or (x) amounts received under cash value insurance contracts: Provided that passive income will not include, in the case of a non-financial entity that regularly acts as a dealer in financial assets, any income from any transaction entered into in the ordinary course of such dealer's business as such a dealer. (7) "reporting financial institution" means,- (a) a financial institution (other than a non-reporting financial institution) which is resident in India, but exclu .....

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ntity of a corporation mentioned in item (i); (iii) a Governmental entity; (iv) an International organisation; (v) a Central bank; or (vi) a financial institution, that is a resident of any country or territory outside India (except the United States of America) under the tax laws of such country or territory or an estate of a decedent who was a resident of any country or territory outside India (except the United States of America) under the tax laws of such country or territory; (9) "spec .....

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e authority under applicable law to render orders or judgments concerning substantially all issues regarding administration of the trust; and (ii) one or more U.S. persons have the authority to control all substantial decisions of the trust; or (d) an estate of a decedent who was a citizen or resident of the United States of America; (11) "U.S. reportable account" means a financial account maintained by a reporting financial institution and, pursuant to the due diligence procedures pro .....

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and income, if such payment is from sources within the United States of America: Provided that a U.S. source withholdable payment shall not include any payment that is not treated as a withholdable payment in relevant Treasury Regulations of the United States of America; (13) "withholding foreign partnership" means a foreign partnership that has entered into a withholding agreement with the United States of America in which it agrees to assume primary withholding responsibility for all .....

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l institution in respect of each reportable account, namely:- (a) the name, address, taxpayer identification number (assigned to the account holder by the country or territory of his residence for tax purposes) and date and place of birth (in the case of an individual) of each reportable person, that is an account holder of the account; (b) in the case of any entity which is an account holder and which, after application of due diligence procedures prescribed in rule 114H, is identified as havin .....

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account balance or value (including, in the case of a cash value insurance contract or annuity contract, the cash value or surrender value) at the end of relevant calendar year or, if the account was closed during such year, immediately before closure; (e) in the case of any custodial account,- (i) the total gross amount of interest, the total gross amount of dividends, and the total gross amount of other income generated with respect to the assets held in the account, in each case paid or credi .....

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r year; (g) in the case of any account other than that referred to in clauses (e) or (f), the total gross amount paid or credited to the account holder with respect to the account during the relevant calendar year with respect to which the reporting financial institution is the obligor or debtor, including the aggregate amount of any redemption payments made to the account holder during the relevant calendar year; and (h) in the case of any account held by a non-participating financial instituti .....

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e (e), with regard to U.S. reportable accounts; (iii) with respect to calendar year 2016, is the information referred to in clauses (a) to (h), with regard to all reportable accounts; (iv) with respect to calendar year 2017 and subsequent years, is the information referred to in clauses (a) to (g), with regard to all reportable accounts: Provided further that with respect to each U.S. reportable account which is maintained by a reporting financial institution as on the 30th June, 2014, the taxpa .....

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of another person as agent, custodian, nominee, signatory, investment advisor, or intermediary, is not treated as holding the account, and such other person is treated as holding the account: Provided further that in the case of a cash value insurance contract or an annuity contract, the account holder is any person entitled to receive a payment upon the maturity of the contract or any person entitled to access the cash value or change the beneficiary of the contract and if no person can access .....

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India under the tax laws of such country or territory, the reporting financial institution shall maintain the taxpayer identification number in respect of each such country or territory. (4) Notwithstanding anything contained in sub-rule (1), with respect to each reportable account which is a pre-existing account, the taxpayer identification number or date of birth is not required to be reported if such taxpayer identification number or date of birth is not in the records of the reporting finan .....

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t issued by the relevant country or territory outside India in which the person is resident for tax purposes or; (ii) the domestic law of the relevant country or territory outside India does not require the collection of the taxpayer identification number issued by such country or territory. (6) Notwithstanding anything contained in sub-rule (1), the place of birth is not required to be reported unless it is available in the electronically searchable data maintained by the reporting financial in .....

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stitution. (8) The statement referred to in sub-rule (7) shall be furnished in Form No. 61B for every calendar year by the 31st day of May following that year: Provided that the statement pertaining to calendar year 2014 shall be furnished by the 31st day of August, 2015. (9) (a) The statement referred to in sub-rule (7) shall be furnished to the Director of Income-tax (Intelligence and Criminal Investigation) or the Joint Director of Income-tax (Intelligence and Criminal Investigation) through .....

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tems) shall specify the procedures, data structures and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies. (10) (a) Every reporting financial institution shall communicate to the Principal Director General of Income-tax (Systems) the name, designation and communication details of the Designated Director and the Principal Officer and obtain a registration number; (b) The statement referred to in sub-rule .....

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to observe the procedure and the manner of maintaining information as specified by its regulator. Explanation.- For the purposes of this sub-rule,- (a) "Designated Director" means a person designated by the reporting financial institution to ensure overall compliance with the obligations imposed under section 285BA and the rules made thereunder and includes- (i) the Managing Director or a whole-time Director, as defined in the Companies Act, 2013 (18 of 2013), duly authorised by the B .....

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ation of persons or a body of individuals, or any other person; (b) "Principal Officer" means an officer designated by the reporting financial institution; (c) "regulator" means a person or an authority or a Government which is vested with the power to license, authorise, register, regulate or supervise the activities of the reporting financial institution. (11)(a) The regulator referred to in clause (c) of sub-rule (10) shall issue instructions or guidelines to,- (i) incorpo .....

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itution shall maintain information in respect of financial accounts in accordance with the procedure and manner as may be specified by its regulator from time to time so as to enable reporting of information prescribed under this rule and perform due diligence procedure specified under rule 114H. 114H. Due diligence requirement.- (1) An account shall be treated as a reportable account beginning as on the date it is identified as such pursuant to the due diligence procedure specified in sub-rule .....

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be a resident; (ii) with respect to an individual, any valid identification issued by an authorized Government body, including a Government agency or a municipality, that includes the individual's name and is particularly used for identification purposes; (iii) with respect to an entity, any official documentation issued by an authorized Government body, including a Government agency or a municipality, which includes the name of the entity and either the address of its principal office in t .....

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30th June, 2014 or 31st December of any subsequent year; and (ii) in case of other reportable account, exceeds an amount equivalent to one million U.S. dollars as on the 31st December, 2015 or 31st December of any subsequent year; (c) "lower value account" means a pre-existing individual account with a balance or value that,- (i) in case of a U.S. reportable account, exceeds an amount equivalent to fifty thousand U.S. dollars but does not exceed an amount equivalent to one million U.S .....

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r more entities; (f) "new individual account" means a new account held by one or more individuals; (g) "other reportable account" means a reportable account which is not a U.S. reportable account; (h) "pre-existing account" means a financial account maintained by a reporting financial institution as on,- (I) in case of a U.S. reportable account, the 30th June, 2014; and (II) in case of other reportable account, the 31st December 2015; (i) "pre-existing entity a .....

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pre-existing individual accounts shall be the following, namely:- (a) a pre-existing individual account is not required to be reviewed, identified or reported, if,- (i) in case of a U.S. reportable account,- (A) the balance or value as on the 30th June, 2014, does not exceed an amount equivalent to fifty thousand U.S. dollars, subject to sub-clause (vi) of clause (c) of this sub-rule; or (B) which is a cash value insurance contract or an annuity contract, the balance or value does not exceed an .....

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hich is a cash value insurance contract or an annuity contract, the reporting financial institution, under any other law for the time being in force in India, is prevented from selling such contract to a person who is not a resident of India for tax purposes; (b) with respect to lower value accounts among pre-existing individual accounts the following procedures shall apply, namely:- (i) the reporting financial institution must review electronically searchable data maintained by the reporting fi .....

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de India and no telephone number in India; or (D) standing instructions (other than with respect to a depository account) to transfer funds to an account maintained in a country or territory outside India; or (E) currently effective power of attorney or signatory authority granted to a person with an address in a country or territory outside India; or (F) a "hold mail" instruction or "in-care-of" address in a country or territory outside India if the reporting financial insti .....

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ircumstances which results in one or more indicia being associated with the account, then the reporting financial institution shall treat the account holder as resident for tax purposes of each such country or territory for which an indicium is identified, unless it elects to apply sub-clause (v) and one of the exceptions in the said sub-clause applies with respect to that account; (iv) if a "hold mail" instruction or "in-care-of" address is discovered in the electronic searc .....

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empt to obtain the self-certification or documentary evidence is not successful, the reporting financial institution shall report the account as an undocumented account; (v) notwithstanding a finding of indicia under sub-clause (i), a reporting financial institution is not required to treat an account holder as a resident, for tax purposes,- (A) of United States of America if, the account holder's information unambiguously indicates a place of birth in the United States of America and the re .....

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tates of America or a reasonable explanation of- (1) the reason, the account holder does not have such a certificate despite relinquishing citizenship of the United States of America; or (2) the reason, the account holder did not obtain citizenship of the United States of America at birth; (B) of any country or territory outside India if, the account holder's information contains a current mailing or residence address in any country or territory outside India, one or more telephone numbers i .....

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count holder that does not include any country or territory outside India; and (II) documentary evidence establishing the account holder's non-reportable status; (C) of any country or territory outside India if, the account holder's information contains a currently effective power of attorney or signatory authority granted to a person with an address in a country or territory outside India, or one or more telephone numbers in any country or territory outside India (if an Indian telephone .....

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ividual accounts the following enhanced review procedures shall apply, namely:- (i) the reporting financial institution must review electronically searchable data maintained by the reporting financial institution for any of the indicia described in sub-clause (i) of clause (b); (ii) if the reporting financial institution's electronically searchable databases do not capture all of the information referred to in sub-clause (iii) of this clause, then the reporting financial institution shall al .....

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he reporting financial institution pursuant to rules framed under the Prevention of Money-laundering Act, 2002 (15 of 2003) or any other law for the time being in force; (D) any power of attorney or signature authority forms currently in effect; and (E) any standing instructions (other than with respect to a depository account) to transfer funds currently in effect: Provided that where the electronically searchable databases include fields for, and capture all the information referred to in sub- .....

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mailing address currently on file with the reporting financial institution; (C) the account holder's telephone number or numbers currently on file, if any, with the reporting financial institution; (D) in the case of financial accounts other than depository accounts, whether there are standing instructions to transfer funds in the account to another account (including an account at another branch of the reporting financial institution or another financial institution); (E) whether there is a .....

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count) if the relationship manager has actual knowledge that the account holder is a reportable person; (v) after application of review procedures specified in sub-clauses (i) to (iv) if,- (A) none of the indicia referred to in sub-clause (i) of clause (b) are discovered, and the account is not identified as held by a reportable person as per sub-clause (iv), then further action is not required until there is a change in circumstances which results in one or more indicia being associated with th .....

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in the said sub-clause applies with respect to that account; (C) a "hold mail" instruction or "in-care-of" address is discovered in the electronic search and no other address and none of the other indicia referred to in items (A) to (E) of sub-clause (i) of clause (b) are identified for the account holder, the reporting financial institution shall obtain from such account holder a self-certification or documentary evidence to establish the residence or residences for tax purp .....

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last day of any subsequent calendar year (for all reportable accounts), the reporting financial institution shall complete the enhanced review procedures specified in this clause with respect to such account within the calendar year following the year in which the account becomes a high value account and if based on such review the account is identified as a reportable account, the reporting financial institution shall report the required information about such account with respect to the year i .....

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less the account is undocumented where the reporting financial institution shall re-apply them annually until such account ceases to be undocumented; (viii) if there is a change of circumstances with respect to a high value account which results in one or more indicia referred to in sub-clause (i) of clause (b) being associated with the account, then the reporting financial institution must treat the account as a reportable account with respect to each such country or territory outside India for .....

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itution is required to treat the new address as a change in circumstances and, if it elects to apply sub-clause (v) of clause (b), then it is required to obtain the appropriate documentation from the account holder; (d) review of pre-existing individual account,- (i) in case of a U.S. reportable account which is high value account as on the 30th June, 2014, shall be completed by the 31st December, 2015 and if based on this review such account is identified as a U.S. reportable account after the .....

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2016; (iii) in case of other reportable account that is low value account as on the 31st December, 2015, must be completed by the 30th June, 2017; (e) any pre-existing individual account which has been identified as a reportable account under this sub-rule shall be treated as a reportable account in all subsequent years, unless the account holder ceases to be a resident of any country or territory outside India as per tax laws of such jurisdiction. (4) The following procedures shall apply for pu .....

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to fifty thousand U.S. dollars at the end of any calendar year; (b) in case of a new individual account,- (i) in respect of a U.S. reportable account, which does not fall under sub-clauses (i) and (ii) of clause (a), upon account opening (or within ninety days after the end of the calendar year in which the account ceases to be covered under sub-clauses (i) and (ii) of clause (a)); and (ii) in respect of other reportable account, upon account opening, the reporting financial institution shall o .....

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s) Rules, 2005; (c) where the self-certification obtained under clause (b) of this sub-rule establishes that the account holder is resident for tax purposes in a country or territory outside India, the reporting financial institution shall treat the account as a reportable account and the self-certification shall also include the account holder's taxpayer identification number with respect to such country or territory outside India, subject to sub-rule (5) of rule 114G, and date of birth; (d .....

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ax purposes of the account holder: Provided that if the reporting financial institution is unable to obtain a valid self-certification, the reporting financial institution shall treat the account as a reportable account with respect to each such country or territory outside India for which an indicium is identified. (5) The following procedures shall apply for purposes of identifying reportable accounts among pre-existing entity accounts, namely:- (a) unless the reporting financial institution e .....

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ified, or reported as a reportable account until the aggregate account balance or value exceeds an amount equivalent to two hundred and fifty thousand U.S. dollars as of the last day of any subsequent calendar year; (b) a pre-existing entity account that has an aggregate account balance or value that exceeds an amount equivalent to two hundred and fifty thousand U.S. dollars as on the 30th June, 2014 (in case of a U.S. reportable account), or as the case may be, 31st December, 2015 (in case of o .....

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ith the procedure provided in clause (d) of this sub-rule; (c) with respect to pre-existing entity accounts referred to in clause (b), only accounts which are held by,- (i) one or more entities which are reportable persons; or (ii) passive non-financial entity with one or more controlling persons who are reportable persons, shall be treated as reportable accounts: Provided that the accounts held by non-participating financial institutions for which aggregate payments as provided in clause (h) of .....

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:- (i) to determine whether the entity is a reportable person, the reporting financial institution shall,- (A) review information maintained for regulatory or customer relationship purposes (including information collected in accordance with the rules made under the Prevention of Money-laundering Act, 2002 (15 of 2003)) to determine whether the information indicates that the account holder is a reportable person. Explanation.- For the purpose of this sub-clause, information indicating that the a .....

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publicly available, that the account holder is not a reportable person: Provided that if the information as per item (A) indicates that the account holder is an entity not based in the United States of America which is a financial institution, or the reporting financial institution verifies the account holder's Global Intermediary Identification Number, then the account shall not be treated as a U.S. reportable account; (ii) treat the account holder as a non-participating financial instituti .....

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to in sub-clauses (a) to (m) of clause (5) of rule 114F; or (II) in the case of participating foreign financial institution defined in Annex II of the FATCA agreement or a financial institution referred to in sub-clauses (e) to (m) of clause (5) of rule 114F, verifies the account holder's Global Intermediary Identification Number; (iii) the reporting financial institution shall determine whether the account holder is a passive non-financial entity with one or more controlling persons who ar .....

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able, based on which it can reasonably determine that the account holder is an active non-financial entity or a financial institution other than an investment entity referred to in sub-clause (B) of clause (c) of Explanation to clause (3) of rule 114F; (B) for purposes of determining the controlling persons of an account holder, a reporting financial institution may rely on information collected and maintained in accordance with the rules made under the Prevention of Money-laundering Act, 2002 ( .....

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to one million U.S. dollars; or (II) a self-certification from the account holder or such controlling person of the passive non-financial entity with an account balance or value which exceeds an amount equivalent to one million U.S. dollars; (D) if any controlling person of a passive non-financial entity is a resident of any country or territory outside India for tax purposes, the account shall be treated as a reportable account; (e) the following additional procedures shall be applicable to pr .....

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ed an amount equivalent to two hundred and fifty thousand U.S. dollars as on the 30th June, 2014 (in case of a U.S. reportable account), or as the case may be, 31st December, 2015 (in case of other reportable account), but exceeds an amount equivalent to two hundred and fifty thousand U.S. dollars as on the 31st December of a subsequent year, shall be completed within the calendar year following the year in which the aggregate account balance or value exceeds an amount equivalent to two hundred .....

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ll apply for purposes of identifying reportable accounts and accounts held by non-participating financial institutions among new entity accounts, namely:- (a) a reporting financial institution, to determine whether the new entity account is a reportable account, shall apply the following review procedures namely:- (i) determine whether the entity is a reportable person and for that the reporting financial institution shall,- (A) obtain a self-certification, which may be part of the account openi .....

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at it has no residence for tax purposes, the reporting financial institution may rely on the address of the principal office of the entity to determine the residence of the account holder; (B) treat the account as a reportable account, if the information as per item (A) indicates that the account holder is a reportable person, unless it reasonably determines based on information in its possession or which is publicly available, that the account holder is not a reportable person: Provided that if .....

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ns and in making these determinations the reporting financial institution shall follow the following procedures, namely:- (A) for purposes of determining whether the account holder is a passive non-financial entity, the reporting financial institution shall rely on a self-certification from the account holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the account holder is not a passive non-f .....

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olling person; (b) the reporting financial institution shall determine whether the account holder is a non-participating financial institution and in such case any payment to the account holder shall be reported as per clause (h) of sub-rule (1) of rule 114G. (7) The following additional procedures shall apply in implementing the due diligence requirement specified in sub-rules (1) to (6), namely:- (a) a reporting financial institution may not rely on a self-certification or documentary evidence .....

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or reason to know, that the beneficiary is a reportable person: Provided that if a reporting financial institution has actual knowledge, or reason to know, that the beneficiary is a reportable person, it shall follow the procedures specified in clause (b) of sub-rule (3); Explanation.- For the purposes of this clause, a reporting financial institution shall be deemed to have reason to know that a beneficiary of a cash value insurance contract or an annuity contract is a reportable person if the .....

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but only to the extent that the computerised systems of that reporting financial institution links the financial accounts by reference to a data element such as client number or taxpayer identification number, and allows account balances or values to be aggregated; (ii) for purposes of determining the aggregate balance or value of financial accounts held by an entity, a reporting financial institution shall be required to take into account all financial accounts which are maintained by it, or by .....

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be required, in the case of any financial accounts that a relationship manager knows, or has reason to know, are directly or indirectly owned, controlled, or established (other than in a fiduciary capacity) by the same person, to aggregate all such accounts; (iv) for the purposes of rules 114F, 114G and this rule, any account maintained in rupees or in any permissible currency (other than the United States Dollar) as designated by the Reserve Bank of India shall be converted to United States Dol .....

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U.S. reportable account opened on or after the 1st July, 2014 but before the date of entry into force of FATCA agreement, notwithstanding the due diligence procedures specified in sub-rule (4) or sub-rule (6) of this rule for new accounts, the reporting financial institution may, in lieu of the procedures specified in the said sub-rules, apply the following alternative procedures, namely:- (a) within one year after the date of entry into force of the FATCA agreement, reporting financial institu .....

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procedures specified in sub-rule (6) and request for information as necessary to document the account, including any self-certification, required under sub-rule (6); (b) the reporting financial institution shall report on any new account which is identified pursuant to clause (a) of this sub-rule as a U.S. reportable account or as an account held by a non-participating financial institution, as applicable, by the date which is the later of,- (i) the 31st of May next following the date on which t .....

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table account or as an account held by a non-participating financial institution, as applicable, as of the date the account was opened; (c) by the date that is one year after the date of entry into force of the FATCA agreement, reporting financial institutions shall close any new account described in clause (a) for which it was unable to collect the required self-certification or other documentation in accordance with the procedure specified in clause (b): Provided that in addition, by such date .....

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