The government has expanded the scope of financial accounts that must be reported by financial institutions under the tax information-sharing framework, bringing crypto assets, central bank digital currencies (CBDCs), and certain electronic money products within the reporting net.
The changes, notified by the Central Board of Direct Taxes (CBDT) through the Income-tax (Amendment) Rules, 2026 on Thursday, amend Rules 114F, 114G and 114H of the Income-tax Rules governing due diligence and reporting obligations under India’s implementation of the automatic exchange of financial account information regime.
Effective January 1, 2026, the amendments expand the definition of financial assets to include “relevant crypto assets” and incorporate CBDCs and specified electronic money products into the framework used by financial institutions to identify and report accounts held by foreign tax residents under the US Foreign Account Tax Compliance Act (Fatca) and the Organization for Economic Cooperation and Development’s (OECD’s) Common Reporting Standard (CRS).
Read more at: Business Standard
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