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of <h1>FATCA and CRS Reporting Must Use INR; Fixed Deposits, HUF Accounts, and NBFCs Face Specific Due Diligence Rules</h1> Reporting under FATCA and CRS must be conducted in INR for specified periods, with future forms accommodating currency type. Fixed Deposit accounts opened without new documentation but linked to existing saving accounts may be treated as pre-existing if certain conditions are met, including account opening dates and due diligence completion. Local Sub-custodians must perform due diligence on Global Custodian end-clients but may rely on existing KYC/FATCA/CRS documentation, retaining responsibility for reporting. Hindu Undivided Family accounts are treated as entity accounts with due diligence aligned to existing KYC/PMLA standards. Non-Banking Financial Companies are classified as Depository Institutions or Investment Entities based on their business activities and must report accordingly. Procedures for registration and report submission under FATCA and CRS are subject to revision and will be updated on the official tax department website.
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