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FATCA_CRS Compliance – Invalid TIN  

As a part of Budget proposals, Government of India  proposes to introduce a deemed provision that every Indian Citizen who is not liable to tax in any other country, by virtue of his/her domicile or residence, shall be deemed as a resident of India and consequently, his/her global income would be taxable in India. At [...]

TOP 5 SUGGESTED RPA PROCESSES FOR INDIAN BANKS

Robotic Process Automation (RPA) is an emerging technology where robots mimic human functions with greater speed and accuracy. RPA envisages deployment of software robots in day- to-day data processing activities of the Organizations. The jobs most suitable for RPA are repetitive, high Volume and rule based processes performed by human resources using IT Systems. The […]

FATCA AND CRS COMPLIANCE – DQR-RRC

What is DQR-RRC? FATCA & CRS compliance reports are filed in Statement 61B XML format with Central Board of Direct Taxes (CBDT) every year on or before 31st May for the preceding calendar year. These reports are validated by CBDT and they release Data Quality Report containing the Reports Requiring Correction nicknamed as DQR-RRC. The […]

GOLDEN PASSPORT FOR THE RICH …IS CITIZENSHIP BECOMING A COMMODITY TO CIRCUMVENT COMMON REPORTING STANDARD (CRS)?

Organization for Economic Co-operation and Development (OECD) has identified certain investment schemes promoted by some countries to enable rich people to obtain citizenship in that country without insisting on their physical presence in the country at least for a minimum period of 90 days in a year. The investment schemes are termed as Citizenship By […]

COMPLIANCE WITH FATCA-CRS REGULATIONS – HOW IT HELPS FINANCIAL INSTITUTIONS IN TRACKING/MONITORING ACCOUNT HOLDERS TAX-RESIDENT IN FATF BLACK & GREY LISTED COUNTRIES?

The Financial Action Task Force (FATF), to protect the international financial system from Money Laundering and Financing of Terrorism (ML/FT) risks and to encourage greater compliance with the AML/CFT (Anti Money Laundering/Combating Financing of Terrorism) standards, identifies jurisdictions that have strategic deficiencies and works with them to address those deficiencies that pose a risk to […]

CRS COMPLIANCE PROCEDURE FOR ENTITIES – PRE-EXISTING ACCOUNTS

Needless to say, Common Reporting Standard (CRS) Compliance by Financial Institutions is a statutory requirement.The regulation encompasses Due diligence completion and reporting of Financial Accounts of Individuals, Entities and Controlling persons of the Entities with the foreign resident status of a CRS jurisdiction.The procedure for Due Diligence of Individuals is relatively simple compared to that […]