This is with reference to the recently notified rules for implementation of the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS).
As you may be aware, the Indian Government signed an Inter-Governmental Agreement (“IGA”) with the United States (“US”) on 9th July 2015 to implement the FATCA and CRS in India. According to the IGA read with the FATCA and CRS regulations, financial institutions in India are required to report tax information about US account holders to the Indian Government which will, in turn, relay that information to the US Internal Revenue Service (“IRS”) and vice versa.
Following the signing of the IGA, on 7 August 2015, the Indian Government enacted rules relating to FATCA and CRS reporting in India pursuant to which all Indian Financial Institutions are required to file the details of U.S. and other reportable accounts to the Indian Government by May 31 of each year.
Accordingly, specific provisions are made under Section 285BA of the Income-tax Act 1961 read with Rules 114F to 114H of the Income-tax Rules, 1962, requiring Indian Financial Institutions to carry out due-diligence for existing accounts and well as new accounts and complete reporting requirements.
Being a Financial Institution under the abovementioned Rules, Dewan Housing Finance Corporation Ltd. (‘DHFL’) is required to perform due-diligence procedures to fulfil the prescribed reporting obligations. In view of the above, we request you to kindly provide the information/documents in the attached forms form attached format(s).
We would like to assure you that the information provided shall remain confidential and shall be provided to the prescribed designated Indian Authorities only as per regulations and directions issued by the Government of India in this regard.
In absence of the declaration/confirmation, the company will considered your account as reportable account under FATCA.
Your prompt assistance on this matter is highly appreciated. Thank you for your continued support.
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