The Indian goverment has provided financial institutions with more guidance on how to handle currencies and fixed deposit accounts for purposes of Foreign Account Tax Compliance Act (FATCA) and common reporting standard (CRS) compliance.
The government, on February 19, said that the March 2015 and May 2016 reporting must be done in rupees. For the reporting in 2017, Form 61B and Schema will be modified to include a field for capturing type of currency, the government said.
The goverment also said that, in some instances, fixed deposits opened by existing bank account customers will be treated as preexisting accounts not subject to additional documentation.
The guidance updates guidance released on August 31, 2015, and December 31, 2015.
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