FinMin clarifies on tax reporting norms under FATCA and CRS

FDs with existing savings bank accounts will not need more documentation

The Finance Ministry has clarified on implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards and said that all fixed deposits as well as auto sweep facilities in pre-existing savings bank accounts will not require due diligence.

“During stakeholders’ consultations, representatives of financial institutions informed



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