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of <h1>Finance Ministry Clarifies FATCA, CRS Reporting: INR Required, HUF Accounts as Entities, NBFC Classification Updated.</h1> The Indian Ministry of Finance has issued clarifications for implementing FATCA and CRS, specifying that upcoming reports must be in INR, with modifications in 2017 to include currency types. Fixed Deposit accounts opened without additional documentation can be treated as pre-existing if linked to accounts opened before specific dates. Local Sub-custodians must conduct due diligence on Global Custodian end-clients. HUF accounts are treated as entity accounts for compliance. NBFCs are classified based on their operations as depository or investment entities for reporting. Procedures for registration and report submission are being revised and will be updated online.
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