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of <h1>Financial Institutions Must Report Account Details Under Section 285BA(1)(k) and Rule 114G, Including Income and Balances</h1> A reporting financial institution must maintain and report specific information for each reportable account as per Section 285BA(1)(k) and Rule 114G. This includes the account holder's name, address, taxpayer identification number, and date and place of birth. For entities, details of controlling persons must be reported. Additionally, institutions must report account numbers, balances, and income details such as interest, dividends, and gross proceeds. The definition of an account holder includes those entitled to payments or benefits from financial contracts. Due diligence procedures under Rule 114H determine reportable accounts, and institutions must submit statements or nil statements if no accounts are identified.
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