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Reporting requirement under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS)

Dated:- 31-8-2015 - RBI/2015-16/165 DBR.AML.BC.No.36/14.01.001/2015-16 August 28, 2015 The Chairpersons/ CEOs of all Scheduled Commercial Banks/ Regional Rural Banks/ Local Area Banks/ All India Financial Institutions/ All Non-banking Financial Companies/ All Primary (Urban) Co-operative Banks /State and Central Co-operative Banks (SCBs / CCBs) / All authorised persons Dear Sir/ Madam, As you are aware, India has signed the Inter-Governmental Agreement (IGA) with the USA on July 9, 2015, for Imp .....

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to Income Tax Rules (Rules) vide notification dated August 7, 2015 (copy attached) and have added Rule 114F (definitions), 114G (Information to be maintained and reported) and 114H (due diligence requirement) for operationalisation of IGA and CRS. This information regarding US reportable persons and other reportable persons have to be furnished in a form 61B, which has also been notified with the above mentioned notification. 3. All the concerned financial institutions (this term throughout the .....

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ort. In this regard, Central Board of Direct Taxes (CBDT) is developing a schema, which would be shared with all the regulated entities shortly. 4. Some important issues which need to be kept in mind while complying with the reporting requirements are enumerated below. i. The IGA between India and USA is expected to come into force on August 31, 2015. ii. The due diligence procedure for pre-existing individual accounts has been provided in Rule 114H (3) and for pre-existing entities accounts the .....

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on June 30, 2014 for pre-existing individuals in the case of a US reportable account and as on December 31, 2015 in case of other reportable account as per Rule 114H (2) (b) & (c) ,subject to value search carried out as on the specified dates. v. FIs have to properly segregate pre-existing accounts from new accounts and apply due diligence procedure as applicable to them under the Rules. Pre-existing accounts and new accounts have been defined vide Rule 114H (2) (d), (e), (f), (h), (i) and .....

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be carried out as on December 31, 2015 and due diligence exercise should be carried out in required cases. The due diligence procedure under alternative procedures have to be completed before August 31, 2016, after which the accounts where the required self-certification or documentation are not received will need to be closed. The progress of the Reporting Entities (REs) in this regard will be monitored on a milestone basis and the detailed modalities of such monitoring will be advised separat .....

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iligence in required cases for such accounts within a period of 90 days i.e., by March 31, 2016. The actual on boarding of new accounts in the IT platform of the REs should start from November 1, 2015, with FATCA/CRS compliant account opening form and documentation. Therefore, all the REs should upgrade their IT system well before October 31, 2015 to ensure actual on boarding of new accounts as per Rules and Form 61B. ix. For carrying out value search on various dates mentioned in Rule 114H, REs .....

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unts. xi. Similarly, for the purpose of value search, the threshold limit for a depository account of entities (only pre-existing accounts and new entity accounts opened between July 1, 2014 and December 31, 2014) coming under the purview of due-diligence procedures for determining US reportable accounts and other reportable accounts is greater than USD 250,000.00. xii. For the purpose of value search, the procedures relating to aggregation of account balance and currency will be as per Rule 114 .....

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Due diligence procedure not completed Option 2: Due diligence procedure completed but no reportable US account identified For new accounts Option 1: Alternative procedure invoked Option 2: Due diligence procedure as applicable to new accounts completed but no reportable US account identified Reporting Entities are requested to register in the e-Filing portal at the link https://incometaxindiaefiling.gov.in/ post login -> My Account -> Register as Reporting Financial Institution. After suc .....

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