India: FATCA and CRS guidance

India: FATCA and CRS guidance

India’s Central Board of Direct Taxes (CBDT) issued clarifications with respect to implementation of FATCA and common reporting standard (CRS), following consultations with financial institutions.

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The CBDT provided clarifications concerning these points:

  • Financial institutions can obtain self-certification through the internet banking platform as an alternative to physically obtaining self-certification from account holders.
  • A taxpayer identification number (TIN) is not required to be collected by financial institutions if the TIN is not issued by the jurisdiction where the person is a resident for tax purposes, even if the person is eligible and has not yet obtained a TIN. 
  • The valuation of securities may be conducted at values regularly communicated by the Central Depository Services Ltd. or the National Securities Depository Ltd.


Read a June 2016 report [PDF 57 KB] prepared by the KPMG member firm in India

The CBDT updated the FATCA guidance. Read a June 2016 report [PDF 64 KB] prepared by the KPMG member firm in India

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