Corporate Updates – 25-02-2016


Ministry of Corporate Affairs issued a notice inviting cra. It is requested that the name, Telephone number and address of the sender be indicated clearly at the time of sending suggestions/comments.


CBDT has issued Clarification for implementation of FATCA and CRS. 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). Based on comments and feedback received from the financial institutions, a clarification has been issued on the issues relating to currency in which the reposting will be done, Procedure for furnishing the report, New Fixed Deposit account as Preexisting Account, Global Custodian and Local Custodian etc.

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