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Fatca/crs

Sanjeev (Owner) (36 Points)

20 February 2017

Recently I got an email from Bank to update my KYC along with Self declaration for FATCA/CRS. I live in a European country and I opened my NRO account in 2014. As far as I know if the account is opened before 31 December 2015, the Banks need not asks customers about FATCA/CRS. Please advice if it is true. Thanks

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171571 Points)
Replied 20 February 2017

As per RBI directives, its to be revised as per new guidelines. Fatca/CRS can be filled online, but for KYC IPV is must.

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Sanjeev (Owner) (36 Points)
Replied 20 February 2017

Thanks for the reply.

Do the existing accounts opened before 31st December 2015 needs to file FATCA/CRS? I am based in Europe and have NRO Account in India which was opened before 31st of December 2015 and as per the CBDT guideline, accounts opened before this date for CRS purpose need not to be reported.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (171571 Points)
Replied 20 February 2017

An extract from RBI notification: RBI/2015-16/165
DBR.AML.BC.No.36/14.01.001/2015-16

The alternate procedure prescribed for identification of US Reportable Accounts in Rule 114H (8) will be applicable for accounts opened from July 1, 2014 to August 31, 2015 and will not be applicable for accounts opened after September 1, 2015.

link: https://rbi.org.in/Scripts/NotificationUser.aspx?Id=10005&Mode=0