India has expanded its global tax reporting framework to include specified crypto-assets, central bank digital currencies, and digital money products under updated FATCA and Common Reporting Standard rules.
Summary
- India’s CBDT has expanded FATCA and CRS reporting rules to include specified crypto assets, CBDCs, and digital money products.
- Banks, insurers, custodians, mutual funds, and other reporting institutions must follow updated account identification and tax residency verification requirements.
- High value accounts with balances above $1 million will be subject to enhanced due diligence before being classified for reporting.
- The revised framework follows recent…
