India Expands FATCA and CRS Reporting to Include Crypto Assets and CBDCs

India's CBDT mandates financial institutions to report crypto and CBDC holdings under FATCA/CRS, imposing enhanced due diligence on accounts exceeding $1 million.

Woofun AI reports that India’s Central Board of Direct Taxes has issued revised guidelines for FATCA and the Common Reporting Standard. The updated rules mandate that banks, mutual funds, insurance companies, custodians, and investment entities identify reportable accounts, verify tax residency, and submit data for specified crypto assets, central bank digital currencies, and digital financial products. Accounts with balances exceeding $1 million face enhanced due diligence requirements.