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of <h1>New Procedures for Financial Institutions: Register and Submit Reports per Section 285BA, Rule 114G by May 31st.</h1> The notification outlines the updated procedure for reporting financial institutions to register and submit the Statement of Reportable Account in compliance with Section 285BA of the Income-tax Act, 1961, and Rule 114G of the Income-tax Rules, 1962. Reporting institutions must register on the Reporting Portal, provide details of designated directors, and submit Form No. 61B by May 31st following the calendar year of the transaction. The notification details the process for new registration, submission of correction statements, and deletion of reports. It emphasizes the importance of secure data handling and mandates the implementation of security, archival, and retrieval policies. The changes take effect from April 9, 2018.
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