Retail Banking and Wealth Management – India
To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new reporting and information-gathering requirement for financial institutions. This is known as the Common Reporting Standard (“the CRS”) and we’d like to help you understand what it means for you.
Under the CRS, we are required to determine where you should be paying tax (often referred to as where you are “tax resident”). We will base this on information we have already or we may ask you for additional details.
If you are tax resident/paying taxes outside the country or jurisdiction where you bank then we will give your national tax authority this information, which may then be shared between different countries' or jurisdictions' tax authorities.
The Government of India joined the Multilateral Competent Authority Agreement (MCCA) on Automatic Exchange of Financial Account Information on 3 June 2015 and notified the Rules to this effect on 7 August 2015.
What do you need to do?
In order to confirm your status under the CRS, you may be asked to complete the appropriate self-certification form and return it to your branch or relationship manager. There are three types of self-certification form for the CRS. The forms are attached below with additional information about which form you should complete.
- CRS Self-Certification for use by Individuals (1.67MB, PDF): Download PDF: Link opens in a new window – If you are a personal HSBC customer or a Sole Trader or Proprietor, please use this form to confirm your personal status under CRS.
- CRS Self-Certification for use by Entities (640KB, PDF): Download PDF: Link opens in a new window – If you are a business HSBC customer, please use this form to confirm your business's status under CRS (except Sole Traders who should use the Self Certification form above).
- CRS Self-Certification for use by Controlling Persons (133KB, PDF): Download PDF: Link opens in a new window – This form is used by the Controlling Persons of certain Entities (referred to under the CRS as Passive Entities) including certain trusts and foundations. This form is to be completed by those individuals that control the Entity, either by ownership or control by other means of these types of Entity. A Controlling Person in certain circumstances will be referred to as the Senior Managing Official.
If you are unsure about any of these terms and if they apply to you, please refer to the Glossary.
If you have any further queries regarding the CRS and your tax position, please contact a tax advisor, as HSBC is unable to provide tax advice. You may also find useful guidance on the OECD CRS portal: External site: Link opens in an overlay.
Page last updated January 2019
- CRS Self-Certification for use by Individuals: Download PDF: Link opens in a new window
- CRS Self-Certification for use by Entities: Download PDF: Link opens in a new window
- CRS Self-Certification for use by Controlling Persons: Download PDF: Link opens in a new window
- Frequently asked questions
- Glossary of useful CRS terms