TaxTMI 
TaxTMI 
Guidance Notes on Implementation of Reporting Requirements under Rules 114F to 114H of the Income -Tax Rules
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....ccount holders "resident" in other countries, such information having to be transmitted "automatically" on yearly basis. The information to be exchanged relates not only to individuals but also to shell companies and trusts having beneficial ownership or interest in the "resident" countries. Further, the reporting needs to be done for a wide range of financial products, by a wide variety of financial institutions, including banks, depository institutions, collective investment vehicles and insurance companies. The Standard and its Commentary are available at http://www.oecd.org/ctp/exchange-of-tax-information/standard-for-automatic-exchange-of-financial-information-in-tax-matters-html. 1.2 Enactment of FATCA and signing of IGA Earlier, in 2010, the USA enacted a law known as FATCA with the objective of tackling tax evasion through obtaining information in respect of offshore financial accounts maintained by USA residents and citizens. The provisions of FATCA essentially provide for 30% withholding tax on US source payments made to Foreign Financial Institutions (FIs) unless they enter into an agreement with the Internal Revenue Service (IRS) to provide information about accou....
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....5, dated 7th August, 2015 by inserting Rules 114F to 114H and Form 61B to provide a legal basis for the Reporting Financial Institutions (RFIs) for maintaining and reporting information about the Reportable Accounts. These Rules have been developed in consultation with Regulators and Financial Institutions in order to smoothen the reporting requirements and to address their concerns wherever possible. A copy of the Notification No. 62 of 2015 modifying the Income-tax Rules, 1962. is at http://www.incometaxindia.gov.in/communications/notification/notification%20no.%2062%20dated%2007-08-2015.pdf. 1.5 Purpose of the Guidance Note The purpose of this Guidance Note is to provide guidance to the Financial Institutions. Regulators and officers of the Tax Department for ensuring compliance with the reporting requirements provided in Rules 114F to 114H and Form 61B of the Income-tax Rules, 1962. The Guidance Note is intended to explain the complex reporting requirements and provide further guidance wherever required. Since a large part of the Rules is based on CRS on AEOI, the Financial Institutions may refer the CRS and its Commentary to get further understanding of the terms used. I....
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....eriod during which the entity has been in existence, whichever is less. Entities that safe keep Financial Assets for the account of others, such as custodian banks, brokers and central securities depositories, would generally be considered Custodial Institutions. (Ref: Page 44 of CRS and 160 of Commentary) 2.3.2 Depository Institution Explanation (b) to Rule 114F(3) defines a "depository institution" to mean any entity that accepts deposits in the ordinary course of a banking or similar business. An Entity is considered to be engaged in a "banking or similar business" if, in the ordinary course of its business with customers, the Entity accepts deposits or other similar investments of funds and regularly engages in one or more of the following activities : (a) makes personal, mortgage, industrial, or other loans or provides other extensions of credit; (b) purchases, sells, discounts, or negotiates accounts receivable, instalment obligations, notes, drafts, cheques, bills of exchange, acceptances, or other evidences of indebtedness; (c) issues letters of credit and negotiates drafts drawn thereunder; (d) provides trust or fiduciary servic....
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....ent in India, their branches located in India and branches of Foreign Financial Institutions that are located in India are the Reporting Financial Institutions while Foreign Financial Institutions, their foreign branches and foreign branches of Indian Financial Institutions are not. In the case of Trusts, the reporting requirement is on the Trustees resident in India, unless the required information is being reported elsewhere because the trust is treated as resident there. (Ref: Page 44 of CRS and 158 of Commentary) 2.5 Step 4: Is the Financial Institution a Non-Reporting Financial Institution? Rule 114F(5) specifies a number of entities as non-reporting financial institutions and these entities are not required to maintain or report the information, except in case of "financial institution with a local client base" in certain specified situations. These non-reporting financial institutions are as under : (a) a Governmental entity, International Organisation or Central Bank; (b) a Treaty Qualified Retirement Fund; a Broad Participation Retirement Fund; a Narrow Participation Retirement fund; or a Pension Fund of a Governmental entity, International Organ....
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....gly, the NPS Trust is the RFI and would report the information for the relevant NPS Investors. 3. Accounts which are Financial Accounts and therefore need to be reviewed 3.1 Introduction RFIs are required to review the Financial Accounts they maintain to identify whether any of them need to be reported. The general rule is that a Financial Account is an account maintained by a Financial Institution and includes specific categories of accounts (Depository Accounts, Custodial Accounts, Equity and debt interests. Cash Value Insurance Contracts and Annuity Contracts). Certain types of Financial Accounts which carry low risk of being used to evade tax are excluded from needing to be reviewed or reported and are called Excluded Accounts. 3.2 Categories of Financial Accounts Rule 114F (1) defines "Financial Accounts" to include the following (a) "depository account" which includes any commercial, checking, savings, time, or thrift account, or an account that is evidenced by a certificate of deposit, thrift certificate, investment certificate, certificate of indebtedness, or other similar instrument maintained by a financial institution in the ordinary course of a b....
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....pository accounts due to non-returned overpayments in case of credit card and other accounts and satisfying certain conditions Explanation (h)(vii) to Rule 114F(1) (Ref: Page 53 of CRS and 184 of Commentary) 4. Financial Accounts which are Reportable Accounts 4.1 Introduction Once a RFI has identified the Financial Accounts they maintain they are required to review those accounts to identify whether any of them are Reportable Accounts. Where they are found to be Reportable Accounts information in relation to those accounts must be reported. In general terms, a Reportable Account means an account, which has been identified pursuant to the due diligence procedure prescribed in Rule 114H, as held by one or more Reportable Persons or by a Passive Non-Financial Entity with one or more Controlling Persons that is a Reportable Person. Thus, an account can be Reportable Account by virtue of the Account Holder or by virtue of the Account Holders' Controlling Persons. 4.2 Reportable Accounts by virtue of the Account Holder Rule 114F(6)(a) states that "reportable account" is a financial account, which has been identified, pursuant to the due diligence procedures....
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....ial Entity (NFE) with one or more controlling persons resident of a country/territory outside India. 4.3.4 Passive NFE is defined in Explanation (D) to Rule 114F(6) as any non-financial entity which is not Active NFE, an investment entity or a withholding partnership or withholding foreign trust. Active NFE has been defined in Explanation (A) to Rule 114F(6) and includes regularly traded entities etc. 4.3.5 Controlling Person is defined in Explanation (B) to Rule 114F(6) to mean the natural person who exercises control over an entity and includes a beneficial owner as determined under sub-rule (3) of rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. It has been specified that in determining the beneficial owner, the procedure specified in the following circular as amended from time to time shall be applied, namely:- (i) DBOD.AML.BC. No. 71/14.01.001/2012-13, issued on the 18th January, 2013 by the Reserve Bank of India; or (ii) CIR/MIRSD/2/2013, issued on the 24th January, 2013 by the Securities and Exchange Board of India; or (iii) IRDA/SDD/GLD/CIR/019/02/2013, issued on the 4th February, 2013 by the Insurance Regul....
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....wed to rely on the information they hold on file. 5.2.2 The date from which the procedure for New Accounts would be applicable is • 1st July, 2014 in case of U.S. Reportable Accounts • 1st January, 2016 in case of other Reportable Accounts 5.2.3 In the case of U.S.A., the accounts opened from 1st July. 2014 to the date of entry into force of the IGA between India and USA., i.e., 31st August, 2015, there is an alternate procedure for due diligence prescribed in Rule 114H(8). As per this alternate procedure, the self-certification required for New Accounts should be obtained within one year of entry into force of the IGA, i.e., by 31st August, 2016 and if it is not obtained, the accounts need to be closed. 5.3 Due Diligence for Pre-existing Individual Accounts 5.3.1 The following pre-existing individual accounts are not required to be reviewed or reported: In case of US reportable accounts [Rule 114H (3)(a)(i)] • where the balance or value as on 30th June, 2014 does not exceed an amount equivalent to US$ 50,000 • which is a cash value insurance contract or an annuity contract, the balance or value does not exceed an a....
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....to a depository account) to transfer funds to an account maintained in a country or territory outside India; or • currently effective power of attorney or signatory authority granted to a person with an address in a country or territory outside India; or • a "hold mail" instruction or "in-care-of" address in a country or territory outside India if the reporting financial institution does not have any other address on file for the account holder. If none of the indicia are discovered in the electronic search, no further action is required unless there is a change in circumstances which results in one or more indicia being associated with the account, or the account becomes a high value account. 5.3.4 Notwithstanding finding of indicia in the case of low value pre-existing individual accounts, it would not be reportable if the Reporting Financial Institution obtains and maintains a record of • a self-certification from the account holder that it is not resident of a country/territory outside India. • documentary evidence establishing the account holder's non-reportable status. 5.3.5 The due diligence procedure for high ....
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....e residence. (e) In respect of pre-existing individual account, if self-certification or documentary evidence is not obtained from the account holder (till the deadline of completing the due diligence procedures as laid down in the rules) in remediation of any of the indicia found in electronic search, paper record search or RM's search, the account will be an undocumented reportable account. 5.3.6 For purposes of determining the aggregate balance or value of financial accounts held by an individual, RFI is required to aggregate all financial accounts maintained by it, or by a related entity, but only to the extent that the computerised systems of the RFI links the financial accounts by reference to a data element such as client number or taxpayer identification number, and allows account balances or values to be aggregated. In the case of a high value account the RFIs are also required to aggregate those financial accounts that a relationship manager knows, or has reason to know, are directly or indirectly owned, controlled, or established (other than in a fiduciary capacity) by the same person, [Rule 114H(7)(c)] 5.3.7 The timeline for reviewing of the pre-exist....
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....e person. However, the account may not be treated as a "reportable account", if a self-certification is obtained from the account holder, or if the financial institution reasonably determines based on information in its possession or that is publicly available, that the account holder is not a reportable person. 5.4.4 The account holder will be treated as a non-participating financial institution requiring information to be reported to USA for calendar years 2015 and 2016 if • the account holder is treated as non-participating financial institution by the USA or • the account holder is a financial institution from a country/territory which has not entered into an IGA with USA and the reporting financial institution does not verify the said account holder's Global Intermediary Identification Number issued by the US IRS if the account holder is an FI referred to in sub-clauses (e) to (m) of Clause 5 of Rule 114F. • the account holder is a financial institution from a country/territory which has entered into an IGA with USA (a partner jurisdiction FI) but has neither registered with US IRS and obtained a GIIN nor it is a Non-Reporting FI (....
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....(E)(e)] (Ref: Page 38 of CRS and 135 of Commentary) 5.5 Due Diligence for New Individual Accounts 5.5.1 The following new U.S. reportable accounts are not required to be reviewed or reported as per Rule 114H(4)(a) (a) a depository account unless the account balance exceeds an amount equal to US$ 50,000 at the end of any calendar year (b) a cash value insurance contract unless the cash value exceeds an amount equal to US$ 50,000 at the end of any calendar year The above exemption is not available for U.S. custodial or investment accounts and thus the same need to be reviewed even if the account balance is less than US$ 50,000. Further, there is no threshold in case of other reportable accounts and thus any individual account opened from 1.1.2016 has to be reviewed to ascertain whether it is a reportable account. 5.5.2 In the case of US reportable accounts, not falling under the exemption as above, and in case of other reportable accounts, on account opening, the reporting financial institution must obtain a self-certification, as part of the account opening documentation, to determine the account holder's residence or residences for tax purposes.....
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....f Money-laundering (Maintenance of Records) Rules, 2005. 5.6.3 The RFI also need to determine whether the account holder is a passive NFE with one or more controlling persons who are reportable persons, i.e., residents of a country/territory outside India, through the following procedure: (a) for purposes of determining whether the account holder is a passive NFE, the reporting financial institution shall rely on a self-certification from the account holder to establish its status, unless it has information in its possession or that is publicly available, based on which it can reasonably determine that the account holder is not a passive non-financial entity. (b) for purposes of determining the controlling persons of an account holder, a reporting financial institution may rely on information collected and maintained in accordance with the rules made under the Prevention of Money-laundering Act, 2002. (c) for purposes of determining whether a controlling person of a passive non-financial entity is a reportable person, a reporting financial institution may rely on a self-certification from the account holder or such controlling person. 5.6.4 The RFI ....
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....ng financial institution, as applicable, as of the date the account was opened. Thus for accounts opened during calendar year 2014, the information about calendar year 2014 must be reported even if the reporting is done in 2017 as the alternate procedure was completed during the calendar year 2016. 5.7.6 Rule 114H(4)(a) states that the depository accounts having a balance not exceeding US$ 50,000 or cash value insurance contracts having cash value not exceeding USS 50,000 at the end of any calendar year are not required to be reviewed or reported in case of U.S. reportable accounts. Accordingly, in these cases, for the accounts opened from 1.7.2014 to 31.12.2014, a value search should be carried out as on 31.12.2014 and for accounts opened between 1.1.2015 to 31.8.2015, a value search should be carried out as on 31.12.2015. The due diligence for new accounts including obtaining of self-certification needs to be carried out only in those cases where the value exceeds US$ 50,000. In case of accounts other than depository or cash value accounts, the financial institutions should make reasonable efforts to obtain the self-certification, particularly in those cases where after indici....
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....idual) of each reportable person, that is an account holder of the account; (b) in the case of any entity which is an account holder and which, after application of due diligence procedures prescribed in rule 114H, is identified as having one or more controlling persons that is a reportable person,- (i) the name and address of the entity, taxpayer identification number assigned to the entity by the country or territory of its residence; and (ii) the name, address, date and place of birth of each such controlling person and taxpayer identification number assigned to such controlling person by the country or territory of his residence; (c) the account number (or functional equivalent in the absence of an account number); (d) the account balance or value (including, in the case of a cash value insurance contract or annuity contract, the cash value or surrender value) at the end of relevant calendar year or, if the account was closed during such year, immediately before closure; (e) in the case of any custodial account,- (i) the total gross amount of interest, the total gross amount of dividends, and the total gross amount ....
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....ayments need to be reported. 6.2.4 for calendar years 2016 onwards, all the above information in case of both US and other reportable accounts need to be reported. 6.2.5 The statement of reportable accounts need to be furnished in respect of each account identified by carrying out due diligence procedure and in case when no account is identified as reportable account, a Nil statement needs to be furnished. A NIL statement can also be furnished if the RFI has not completed the due diligence procedures. 6.3 Other Issues related to Reporting The following clarifications have been provided in Rule 114G with regard to reporting: (a) "account holder" means the person listed or identified as the holder of a financial account by the financial institution that maintains the account. However, if a person, other than a financial institution, holds a financial account for the benefit or on account of another person as agent, custodian, nominee, signatory, investment advisor, or intermediary, such another person will be treated as holding the account. (b) In the case of a cash value insurance contract or an annuity contract, the account holder is any person entitle....
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....rocedures and data structure and standards for ensuring secure capture and transmission of data, which are summarized below: (a) The RFIs are required to get registered with the Income-tax Department by logging in to the e-filing website with the log in ID used for the purpose of filing the Income-tax Return. A link to register reporting financial institution has been provided under "My Account". The RFI is required to submit registration details on the screen. A RFI may submit different registration information under different reporting financial institution categories. (b) After registration, the RFIs are required to submit the Form 61B or Nil statement under "e-File" menu. The prescribed schema for the report under Form 61B can be downloaded from the e-filing website. The RFI will be required to submit the calendar year for which report is to be submitted and the reporting entity category for which the report is to be submitted. The reporting financial institution will then be provided the options to upload the Form 61B. The Form is required to be submitted using a Digital Signature Certificate. (c) In case Nil statement has to be submitted by the RFI,....
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....he RFIs are regulated by a regulator which has been vested with the power to license, authorize, register, regulate or supervise their activities. Rule 114G(11) requires the regulators to issue necessary instructions and guidelines from time to time for (a) incorporating the requirements of reporting and due diligence. (b) providing the procedure and manner of maintaining the information by the reporting financial institution. (c) ensuring the availability of the information with the RFIs for meeting their reporting obligation, it such information is not maintained by it under any rule or regulation issued by the regulator. 8.3 Requirement of obtaining GIIN The RFIs having U.S. Reportable Accounts need to register with the US IRS and obtain Global Intermediary Identification Number by registering at http://www.irs.gov/Businesses/Crorporations/FATCA-Froreign -Financial-Institution-Registration-Tool. GIIN also needs to be obtained by the Financial Institutions claiming exemption as Non-reporting Financial Institution on the grounds of being a "financial account with a local client base" since they need to report the financial accounts held by a specif....
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....nited Kingdom Yes 58. Uruguay No First Exchange by 2018 59. Albania Yes 60. Andorra No 61. Antigua and Barbados No 62. Aruba Yes 63. Australia Yes 64. Austria Yes 65. Bahamas No 66. Belize No 67. Brazil No 68. Brunei Darussalam No 69. Canada Yes 70. China No 71. Costa Rica Yes 72. Grenada No 73. Hong Kong (China) No 74. Indonesia Yes 75. Israel No 76. Japan No 77. Marshall Islands No 78. Macau (China) No 79. Malaysia No 80. Monaco No 81. New Zealand Yes 82. Qatar No 83. Russia No 84. Saint Kitts and Nevis No 85. Saint Lucia No 86. Saint Vincent and the Grenadines No 87. Samoa No 88. Saudi Arabia No 89. Singapore No 90. Sint Maarten No 91. Switzerland Yes 92. Turkey No 93. United Arab Emirates No ============= Document 1 INCOME-TAX RULES, 1962 FORM NO. 61B [See sub-rule (8) of rule 114G] Statement of Reportable Account under sub-section (1) sect....
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....ing period Aggregate gross interest paid or credited Aggregate gross dividend paid or credited Gross proceeds from sale of property Aggregate gross amount of all other income paid or credited 43 B.3.6 Aggregate gross amount credited B.3.7 B.4 B.4.1 B.4.2 Aggregate gross amount debited INDIVIDUAL DETAILS (To be provided for individual account holder ) Name Customer ID B.4.3 Father's Name B.4.4 Spouse's Name B.4.5 Gender Insert 1 character code (Refer Instructions) B.4.6 PAN B.4.7 Aadhaar Number B.4.8 Identification Type Insert character code B.4.9 Identification Number B.4.10 Occupation Type Insert 1 character code B.4.11 Occupation B.4.12 Birth Date B.4.13 Nationality Insert 2 character code B.4.14 Country of Residence as per tax laws Insert 2 character code B.4.15 Place of Birth B.4.16 Country of Birth Insert 2 character code Tax Identification Number (TIN) allotted B.4.17 by tax resident country B.4.18 TIN Issuing Country B.4.19 Address Type Insert 2 character code Insert 2 character code B.4.20 Addr....
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....e B.6.20 Address Type Insert 2 character code B.6.21 Address B.6.22 City/Town B.6.23 Postal Code B.6.24 State Code B.6.25 Country Code B.6.26 Mobile/Telephone Number B.6.27 Other Contact Number B.6.28 Remarks. 46 46 Insert 2 character code Insert 2 character code Instructions to Form 61B General Instructions The requirement field for each data element indicates whether the element is validation or optional in the schema. Validation (Optional) Mandatory Optional Optional* Specific Instructions "Validation" elements MUST be present for ALL data records in a file and an automated validation check will be undertaken. The Sender should do a technical check of the data file content using XML tools to make sure all "Validation" elements are present and if they are not, the sender should correct the file. The Income-tax Department will also do so and if incorrect, will reject the file. An optional element that is required for reporting depending on availability of information or legal factors. These elements may be present in most (but not all) circumstances. The Income-tax ....
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....missing information has to be supplied, the complete report has to be submitted instead of an incremental report. Statement Number is a free text field capturing the sender's unique identifying number (created by the sender) that identifies the particular Statement being sent. The identifier allows both the sender and receiver to identify the specific Statement later if questions or corrections arise. After successful submission of the Statement to ITD, a new unique Statement ID will be allotted for future reference. The reporting entities should maintain the linkage between the Statement Number and Statement ID. Example of the statement number is 2015/01. In case if the original statement is being replaced by this statement, statement ID of the original Statement which is being replaced deleted or referred by reports in the current Statement. In case the Statement is new and unrelated to any previous Statement, mention '0' here. Requirement Validation Validation Validation A.2.4 Reason of Correction Reason for revision to be stated when the original Statement is corrected. A.2.5 Statement Date Vali....
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....hone number in format STD Code-Telephone number. (Example 0120-2894016) Validation A.3.9 Mobile A.3.10 Fax Contact Mobile number. Please do not add "0" before the number Validation Fax number in format STD Code-Telephone number. (Example 0120- 2894016) Validation E-mail of the Principal Officer Validation A.3.11 Email B.1.1 Report Serial Number B.1.2 Original Report Serial Number B.1.3 Account Type The number uniquely represents a report within a Statement. The Report Serial Number should be unique within the Statement. This number along with Statement ID will uniquely identify any report received by ITD. Validation The Report Serial Number of the original report that has to be replaced Validation or deleted. This number along with Original Statement ID will uniquely identify the report which is being corrected. In case there is no correction of any report, mention '0' here. Type of account. Permissible values are: Validation • BS Savings Account • BC - Current Account • - BR Cash Credit/Overdraft Account • - BD Credit Card Acco....
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....ot applicable Self- certification Permissible values are: Y: Yes • N: No • X: Not applicable Documentatio n Status Undocumented as per Rule 114H(3) for pre-existing individual account. If the due diligence fails to establish an indicium and the attempt to obtain the self-certification or documentary evidence is not successful, the reporting financial institution must report the account as an undocumented account. Permissible values are: • D - Documented Validation Validation Mandatory Mandatory Validation • U- Undocumented B.1.11 Date of closure of Date of closure of account. This information is mandatory if the account was closed during the reporting period (Optional) Mandatory account, if closed during the reporting period 4 S. No. Element B.2.1 Branch Number Type Description The type of branch reference number used. Entities with no Branch reference number can use self-generated numbers to uniquely identify the branch. Permissible values are: R-Regulator Issued • B- BIC Requirement Validation • ....
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....(Optional) during the period. Mandatory This information is mandatory for depository account and custodial account. gross dividend The aggregate gross amount of dividend paid or credited to the account during the period. This information can be collected from other regulated entity. (Optional) Mandatory credited This information is mandatory for custodial account. 5 S. No. Element B.3.4 Gross B.3.5 proceeds from sale of property Aggregate gross amount of all other income paid or Description The gross proceeds from sale or redemption of property paid or credited to the account during the period with respect to which the reporting entity acted as a custodian, broker, nominee, or otherwise as an agent for the account holder. This information is mandatory for custodial account. The aggregate gross amount of all other income paid or credited to the account during the period. This information is mandatory for custodial account. Requirement (Optional) Mandatory (Optional) Mandatory credited to the account B.3.6 Aggregate Aggregate gross amount credited to the....
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....valid PAN is not reported. Optional B.4.4 Spouse's Name B.4.5 Gender Name of the spouse, if available Optional Permissible values are: Validation M - Male • F - Female • O - Others B.4.6 PAN Permanent Account Number issued by Income-tax Department. This information is mandatory if PAN is required to be collected as per regulatory guidelines. (Optional) Mandatory B.4.7 Aadhaar Aadhar number issued by UIDAI Optional Number B.4.8 Identification Type Document submitted as proof of identity of the individual. Permissible values are: Validation • A - Passport • B Election Id Card ◠C PAN Card • D - ID Card • • E-Driving License GUIDAI Letter • H - NREGA job card • Z - Others • X - Not Categorised B.4.9 Identification Number Number mentioned in the identification document. This information is mandatory if PAN or Aadhar number is not reported (Optional) Mandatory B.4.10 Occupation Type Permissible values are: Validation • S - Service....
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....Registered Office • 5- Unspecified B.4.20 Address Complete address consisting of house number, building name, street, locality, city, state etc. Validation Street Optional* Building Optional* Identifier Suite Identifier Floor Identifier District Name POB City/Town Optional* Optional* Optional* Optional* B.4.21 B.4.22 Postal Code Name of City, Town or Village In case of India, the 6 digit Pin code as per India Posts has to be mentioned. In case of countries outside India, respective code may be used. If Pin code is not available, use XXXXXX. Validation Validation B.4.23 State Code The two digit state code has to be mentioned as per Indian Motor Vehicle Act 1988. In case of countries outside India, or if state code is not available, use XX. Validation B.4.24 Country Code The Country Code as per ISO 3166 has to be mentioned. Use IN for India. If Country Code is not available, use XX Validation B.4.25 Mobile/Teleph one Number Primary Telephone (STD Code-Telephone number) or mobile number (Please do not add "0" before the number) Optional B.4.26 ....
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.... required to be collected as per regulatory guidelines. (Optional) Mandatory B.5.9 Identification Type This Attribute defines the type of identification number being sent Validation • T-TIN • C- Company Identification Number G- US GIIN • E- Global Entity Identification Number (EIN) • O - Other This data element can be repeated if a second Identification is present B.5.10 Identification This data element provides the identification number used. No. 9 (Optional) Mandatory S. No. Element Description Requirement B.5.11 Identification issuing Country 2 character Country Code (ISO 3166). B.5.12 B.5.13 Place of Incorporation Country of Incorporation B.5.14 Country of Residence as per tax laws Identification B.5.15 Tax Number (TIN) allotted by tax Place of Incorporation. (Optional) Mandatory (Optional) Mandatory This data element describes the Country of Incorporation for the entity. (Optional) The Country Code as per ISO 3166 has to be mentioned This data element describes the tax residence country for ....
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.... Optional 10 S. No. Element B.6.1 Controlling Person Type Description Type of the controlling person: Permissible values are: C01-CP of legal person-ownership • C02-CP of legal person-other means • C03-CP of legal person-senior managing official . C04-CP of legal arrangement-trust-settlor • C05-CP of legal arrangement--trust-trustee • C06-CP of legal arrangement--trust-protector C07-CP of legal arrangement--trust-beneficiary • C08-CP of legal arrangement--trust-other • C09--CP of legal arrangement-Other-settlor equivalent · C10--CP of legal arrangement-Other-trustee equivalent • C11--CP of legal arrangement-Other-protector equivalent • • • C12--CP of legal arrangement—Other-beneficiary equivalent C13--CP of legal arrangement-Other-other equivalent C14--Unknown Requirement Mandatory B.6.2 Name Name of the Controlling Person i.e. natural persons who exercise control over an entity and includes a beneficial owner as determined under to sub-rule (3) of rule 9 of Prevention of Money-laundering (Maintenance of Re....
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....s B.6.7 PAN Permanent Account Number issued by Income Tax Department. This information is mandatory if PAN is required to be collected as per regulatory guidelines. (Optional) Mandatory B.6.8 Aadhaar Aadhar number issued by UIDAI Optional Number B.6.9 Identification Type Document submitted as proof of identity of the individual. Permissible values are: Validation A - Passport • B - Election Id Card • C PAN Card D - ID Card • E - Driving License • GUIDAI Letter • H - NREGA job card • Z - Others • ✗- Not Categorised B.6.10 Identification Number Number mentioned in the identification document. This information is mandatory if PAN or Aadhar number is not reported (Optional) Mandatory B.6.11 Occupation Type Permissible values are: Validation S - Service • B - Business • O - Others • ✗- Not Categorised B.6.12 Occupation Please specify occupation of the individual. Optional 12 S. No. Element B.6.13 Birth Date B.6.14 Nationality B.6.15 ....