India has updated its FATCA and Common Reporting Standard (CRS) framework to include specified crypto-assets, central bank digital currencies (CBDCs), and digital money products under its global tax reporting rules. The Central Board of Direct Taxes (CBDT) also introduced stricter due diligence requirements for reporting financial institutions (RFIs), including banks, mutual funds, insurers, custodians, and investment entities, to improve tax residency verification and financial reporting under the country’s Automatic Exchange of Information (AEOI) commitments. Institutions must also apply enhanced reviews for high-value accounts exceeding $1 million before determining their reporting status.
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