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of <h1>India's Ministry of Finance Clarifies FATCA & CRS Implementation: Self-Certification via Internet Banking, TIN Exceptions, Reporting Guidelines.</h1> The circular from the Government of India's Ministry of Finance provides clarifications for implementing FATCA and CRS. Financial Institutions can obtain self-certification from account holders via Internet Banking if physical collection is impractical. Tax Identification Numbers (TIN) are not required if not issued by the account holder's country or if the holder has not yet obtained one. For reporting account balances, securities should be valued using the figures provided by depositories. A new notification outlines the procedure for registration and report submission, with a user manual available on the Income Tax Department's website for further guidance.
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