Clarifications for implementation of FATCA and CRS

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....to the consultations held with Financial Institutions (FIs) regarding implementation of FATCA and CRS, the following clarifications are issued. Obtaining Self-Certification 2.1 Financial institutions are in the process of carrying out the due diligence of financial accounts and obtaining self-certification from the account holders. Representatives of FIs have informed that there are large numbe....

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....even from a person (resident for tax purposes in a country or territory outside India ) who may be eligible to obtain a TIN (or the functional equivalent) in his country or territory of residence, but has not yet obtained a TIN. However, in this case, FIs may note down this fact and seek TIN from the person after he obtains the same. Account Balance/value 4.1 As per Rules, account balance or va....