AN
Inter-Governmental Agreement between India and USA was signed for
implementation of Foreign Account Tax Compliance Act (FATCA). The
Government of India has also joined the Multilateral Competent Authority
Agreement (MCAA) for Automatic Exchange of Information as per Common
Reporting Standard (CRS). To provide guidance for implementation of
FATCA and CRS, A Guidance Note was released on 31 st August 2015 which
was subsequently updated on 31.12.2015. Further, a clarification was
issued on 19 th February, 2016.
Based
on comments and feedback received from the financial institutions, a further
clarification has been issued on 26 th May, 2016.The same can be downloaded by
clicking here.
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