TMI BlogClarifications for implementation of FATCA and CRSX X X X Extracts X X X X X X X X Extracts X X X X ..... TCA and CRS 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 Account 2.1 In banking system, there are procedures where Fixed Deposit (FD) can be opened by an existing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e following conditions: a. the saving bank account is opened on or before 30.06.2014 in the case of FATCA 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 or obligation for the purposes of app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 holders including the self-certification. Further, it may be clarified that the obligations for due diligence and reporting remain that of the Local Custodian who should also be able to access all documents in relation to an acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry Institution and will report accordingly. An NBFC which is working as investment entity, will report accordingly. Procedure for furnishing the report 6. Presently the procedure for registration and submission of report under FATCA and CRS is as per Notification No. 4 dated 4th September, 2015 issued by the Principal Director General of Income Tax (Systems) which is available on the web ..... X X X X Extracts X X X X X X X X Extracts X X X X
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