https://www.taxtmi.com/news?id=14923 Implementation of FATCA/CRS reporting requires financial institutions to follow newly inserted Income Tax Rules 114F-114H, register as Reporting Financial Institutions on the e filing portal, and submit annual electronic reports or Nil statements using the Designated Director's digital signature via Form 61B. The Rules prescribe distinct due diligence procedures and timelines for pre existing and new accounts, specify value search dates and aggregation procedures, set threshold triggers for value searches, mandate IT system upgrades to record due diligence, and require internal governance arrangements to monitor compliance; non compliance may attract penalties. en-us Mon, 31 Aug 2015 16:58:59 +0530 Mon, 31 Aug 2015 16:58:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=14923 Implementation of FATCA/CRS reporting requires financial institutions to follow newly inserted Income Tax Rules 114F-114H, register as Reporting Financial Institutions on the e filing portal, and submit annual electronic reports or Nil statements using the Designated Director's digital signature via Form 61B. The Rules prescribe distinct due diligence procedures and timelines for pre existing and new accounts, specify value search dates and aggregation procedures, set threshold triggers for value searches, mandate IT system upgrades to record due diligence, and require internal governance arrangements to monitor compliance; non compliance may attract penalties. News - Mon, 31 Aug 2015 16:58:59 +0530 https://www.taxtmi.com/news?id=14923