The Central Government has amended the reporting framework under the Income-tax Rules, 1962 relating to financial account information reporting by financial institutions under the Common Reporting Standard (CRS).

The amendments update definitions and reporting requirements to include digital financial instruments such as crypto-assets, specified electronic money products, and central bank digital currencies. The principal rules were last amended vide Notification G.S.R. 598(E) dated September 01, 2025.

1. Rule 114F amended to include definitions of central bank digital currency, relevant crypto-asset, and specified electronic money product, and to expand the scope of financial assets to include interests in relevant crypto-assets for accounts other than U.S. reportable accounts.
2. Qualified Non-Profit Entity definition inserted specifying conditions such as charitable purpose, income-tax exemption, absence of beneficial interest of members, and asset distribution to government or qualifying entities upon dissolution.
3. Rule 114G amended to require reporting financial institutions to maintain and report additional details including validity of self-certification, joint account information, role of controlling persons, and classification of accounts as pre-existing or new accounts.

Rule 114H amended to update due diligence procedures and timelines for identifying reportable accounts, including provisions relating to accounts treated as financial accounts due to amendments to the Common Reporting Standard.