India's CBDT expands reporting to crypto-assets and CBDCs
→Crypto-asset providers must report holdings and provide taxpayer IDs for non‑US accounts
Change
India's CBDT expanded reporting to include crypto-assets and CBDCs and required providers and banks to report holdings and collect taxpayer identification numbers for non‑US accounts.
Why it matters
Banks and depositories must track holdings, joint accounts and controlling persons. Firms must maintain valid self‑certifications under the Prevention of Money‑Laundering Act. Accounts with year‑end balances below $10,000 are excluded from some reporting conditions.
Implications
- — Crypto-asset providers must file transaction and holdings reports for non‑US accounts now. Failure to file creates regulatory non‑compliance exposure.
- — Banks must collect taxpayer identification numbers and dates of birth for non‑US accounts now. Accounts lacking these records face reporting exclusion or regulatory non‑compliance.
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Source
View on Economic Times