Financial institutions must identify, apply due diligence to, and report reportable accounts under FATCA/CRS using Form 61B. Guidance implements Rules 114F-114H and Form 61B requiring Indian resident financial institutions and in India branches to identify, apply prescribed due diligence to, and electronically report information on Reportable Accounts-accounts held by reportable persons or by Passive NFEs with reportable controlling persons-under FATCA/IGA and the CRS. It defines RFIs and financial account categories, lists excluded accounts, prescribes separate due diligence for pre existing and new individual and entity accounts with thresholds and timelines, mandates collection of specified identifying, account and income data, requires online filing of Form 61B, and prescribes penalties and regulator oversight; RFIs with U.S. accounts must obtain a GIIN where applicable.