India’s income tax department has released a detailed guide for financial institutions to assist with the implementation of FATCA and the common reporting standard for the automatic exchange of information.
The 30-page guide, issued August 31, covers the types of institutions that must report, the types of accounts that must be reviewed and reported, and due diligence and other requirements.
India signed a Model 1 intergovernmental agreement to implement FATCA with the US on July 9 and is also an early adopter of the common reporting standard, pledging to implement automatic exchange of information by 2017.
Feedback on the guide is requested; an updated version will be issued before January 1, 2016.
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