Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) are two important pieces of legislation designed to combat tax evasion. FATCA was passed by the United States in 2010 and requires foreign financial institutions to report information about U.S. taxpayers who have accounts in those institutions. This information is then used by the US Tax Authorities to ensure that US citizens are paying taxes on their income from overseas.

The CRS is a global standard for the automatic exchange of financial account information among tax authorities around the world, which has been endorsed by more than 80 countries worldwide. It allows participating countries to collect data from their banks and automatically share it with other countries’ tax administrations on an annual basis. This helps to prevent offshore tax evasion and makes it easier for governments to identify non-compliance with tax laws.

To update your Nationality status as NRI/PIO/OCI/Foreign National or FATCA/CRS details, please send your duly filled self-certification form by Clicking Here from your registered email ID along with mentioned documents in the form.