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Clarifications for implementation of FATCA and CRS

News and Press Release - Dated:- 19-2-2016 - F.No. 504/090/2007-FTD-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (Foreign Tax & Tax Research Division) ***** 19th February, 2016 Currency For the upc .....

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nt 2.1 In banking system, there are procedures where Fixed Deposit (FD) can be opened by an existing customer who is having an existing saving bank account with the same financial institution, without any additional documentation. These fixed deposit .....

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no additional documentation are obtained for these fixed deposits accounts as they are intrinsically related to existing saving bank account and all KYC documents are available for the existing saving bank account. 2.3 In these cases, where no additi .....

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and 31.12.2015 in the case of CRS ; b. the due diligence requirements have already been carried out or are in the process of being carried out for the preexisting saving bank account and c. the accounts are treated as linked or as a single account o .....

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was submitted by financial institutions that majority of the accounts opened in India by foreign investors, including Foreign Portfolio Investor (FPl), are contracted through Global Custodians (GCs) who in turn appoint or contract with Local Sub Cust .....

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hat Local Sub-custodian are required to carry out the due diligence on the accounts held by GC end-clients. However, for carrying out due diligence, the Local Sub-custodian may rely on the KYC/FATCA/CRS documentation done by GC for the account holder .....

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queries have been received regarding due diligence of HUF accounts. The issue is whether due diligence may be conducted either only on the Karta or on all coparceners alongwith Karta. 4.2 In this regard, it has been decided that for the purpose of c .....

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