India expands financial-account reporting to include crypto-assets and central bank digital currencies
Change
India expanded financial-account reporting effective January 1 to require crypto-asset service providers and specified financial institutions to report transactions, holdings and detailed account-holder data for non‑US accounts.
Why it matters
Banks and depositories must collect taxpayer identification numbers, dates of birth, valid self‑certifications and record joint‑account and controlling‑person details for accounts exceeding $10,000 year‑end balances. These documentation and tracking requirements apply to both existing and new accounts and widen the types of electronic‑money accounts treated like deposit accounts.
Implications
- • Crypto-asset service providers must implement systems to collect and transmit transactions and holdings data for covered non‑US accounts to tax authorities — failure will make them non‑compliant with the amended Income‑tax Rules.
- • Banks' and depositories' compliance and onboarding teams must collect and validate taxpayer identification numbers, dates of birth, valid self‑certifications, joint‑account details and controlling‑person information for accounts above the $10,000 year‑end threshold — failure will leave the institution unable to meet the documentation required under the new reporting framework.
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