India: Draft rules replacing existing FATCA and CRS, expanding scope to cryptoassets
Draft rules would expand CRS reporting rules to cryptoassets
The Central Board of Direct Taxes (CBDT) released the draft income tax rules, 2026 along with the proposed forms, in relation to the Income tax Act, 2025, which is scheduled to become effective on April 1, 2026.
The draft rules 238, 239 and 240 propose to replace the existing FATCA and common reporting standard (CRS) rules (rules 114F, 114G, and 114H of the Income-tax Rules, 1962) and would expand the scope of the CRS reporting rules to cryptoassets, specified electronic money products, and Central Bank Digital Currencies.
Read a February 2026 report prepared by the KPMG member firm in India