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Clarifications for implementation of FATCA and CRS

Income Tax - F. No. 504/090/2007-FTD-I - 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 New Delhi, 19 Feb., 2016 Curr .....

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reexisting Account 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. The .....

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in such cases, 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, .....

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he 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 .....

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ustodian 3.1 It 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 wit .....

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s been decided that 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 th .....

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HUF 4.1 Several 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 .....

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