https://www.taxtmi.com/circulars?id=54376 Operational guidance for FATCA and CRS requires reporting in local currency for specified cycles and permits financial institutions to treat certain fixed deposits opened without new documentation as pre-existing accounts where the linked savings account predates the relevant cut-off, due diligence has been or is being completed, and accounts are treated as linked. Local sub-custodians must conduct due diligence on global custodian end-clients but may rely on global custodian KYC/FATCA/CRS documentation while retaining reporting obligations and access to documents. HUF accounts are treated as entity accounts with PMLA/KYC due diligence, and NBFCs report based on whether they operate as depository institutions or investment entities. en-us Fri, 19 Feb 2016 00:00:00 +0530 Thu, 31 Jul 2025 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=54376 Operational guidance for FATCA and CRS requires reporting in local currency for specified cycles and permits financial institutions to treat certain fixed deposits opened without new documentation as pre-existing accounts where the linked savings account predates the relevant cut-off, due diligence has been or is being completed, and accounts are treated as linked. Local sub-custodians must conduct due diligence on global custodian end-clients but may rely on global custodian KYC/FATCA/CRS documentation while retaining reporting obligations and access to documents. HUF accounts are treated as entity accounts with PMLA/KYC due diligence, and NBFCs report based on whether they operate as depository institutions or investment entities. Circulars Income Tax Fri, 19 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=54376