The Reserve Bank of India issues circular on FATCA Reporting requirements

On 28 August, the Reserve Bank of India (“RBI”), India’s Central Bank, issued a circular inviting financial institutions to comply with FATCA reporting requirements (Link). The circular includes clarifications on the date of enforcement of the IGA (31 August 2015), the identification of reportable accounts and the alternate procedure for their identification, the due diligence procedures, the treatment of new accounts (opened after 1 September 2015) and the control framework. The circular also states that a detailed guidance note is under preparation by the Central Board of Direct Taxes (“CBDT”).

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