Clarification on implementation of Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS)

An Inter-Governmental Agreement between India and the USA was signed for implementation of the Foreign Account Tax Compliance Act (FATCA). The Government of India has also joined the Multilateral Competent Authority Agreement (MCAA) for the Automatic Exchange of Information as per Common Reporting Standard (CRS). To provide guidance for implementation of FATCA and CRS, a Guidance Note was released on 31^stAugust 2015 which was subsequently updated on 31.12.2015. Further, a clarification was issued on 19th February 2016. 

Based on comments and feedback received from the financial institutions, further clarification has been issued on 26^th May 2016.

Read the clarifications here.