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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 upcoming reporting in March 2015 and May 2016, all reporting has to be done in INR. For the reporting in 2017, Form 61B and Schema will be suitably modified to include a field for capturing type of currency New Fixed Deposit account as Preexisting Accou .....

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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 additional documentation are required for certain FD accounts, financial institution may treat the new FD account as pre-existing account subject to the following conditions: a. the saving bank account is opened on or before 30.06.2014 in the case of FATCA .....

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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 Custodians in India to facilitate registration and investments of these foreign investors in India. Query was received whether Local Sub-custodian may apply due diligence procedure only on the GCs and not on the GCs end-clients. 3.2 It has been decided t .....

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