Fatca/crs

283 views 4 replies

Sanjeev

Owner

36 Points Joined March 2014

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

Replies (4)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

208886 Points Joined July 2016

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

Sanjeev

Owner

36 Points Joined March 2014

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.

208886 Points Joined July 2016

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