Preparation of Reports in Form 61B

2018
 Overview

• Reporting Format
• Identification of Reportable Accounts
• Report Generation and Validation Utility
• Preparation of Report
• Validation of Report
• Generation of XML

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Reporting Format
 Format of Report
Form No.61B

Part A Part B
(Statement Details) (Account Reporting)
Identification of Reportable
Transactions
Identification of Reportable Accounts
(1/4)
An account can be a Reportable Account by virtue of the Account Holder or by
virtue of the Account Holders’ Controlling Person.

Is Account Holder a Reportable Person?

Yes No

Not Reported in Relation to Account

Reported in Relation to Account Holder
Holder

Is Account Holder a Passive Non-Financial Entity with one or more

controlling person that is a Reportable Person?

Yes No

Reported in relation to the Controlling Not Reported in relation to the

Persons Controlling Person

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Identification of Reportable Accounts
(2/4)
Reportable Account by virtue of the Account Holder:
• Rule 114F(6)(a) states that “reportable account” is a
financial account, which has been identified, pursuant to
the due diligence procedures prescribed in Rule 114H, as
held by a reportable person
• They are two types of reportable person. First one has been
defined specifically for USA. Second one is for the other
countries
• If the reportable person is USA person or specified USA
person, it is a USA Reportable Account (FATCA)
• If the reportable person is other than USA person, it is a
Other Country Reportable Account (CRS)
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Identification of Reportable Accounts
(3/4)
Reportable Account by Account Holders’ Controlling Person:
Steps for USA Reportable Account

No Not Reportable to USA in

Step 1: Is the Account
relation to the
Holder a non US entity?
Controlling Persons

Yes

Step 2: Does the Entity

Not Reportable to USA in
have one or more No
relation to the
Controlling Persons who
Controlling Persons
are specified US person?

Yes

USA Reportable Account

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Identification of Reportable Accounts
(4/4)
Reportable Account by Account Holders’ Controlling Person:
Steps for Other Reportable Account
Step 1: Is the Account No Not Reportable in
Holder a Passive Non relation to the
Financial entity? Controlling Persons

Yes

Step 2: Does the Entity

Not Reportable in
have one or more No
relation to the
Controlling Persons who
Controlling Persons
are reportable?

Yes

Reportable Account

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 Statement Type

Statement Type

NB CB ND
New Statement Correction Statement No data to report
containing New containing corrections
Information for previously
submitted information

One Statement can contain only one type of Statement

Multiple New Statements can be filed for a reporting period
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Statement Number, Statement ID &
Report Serial Number
Statement Number
• Statement Number is a free text field capturing the unique
identification number for any statement sent by reporting entity
• The identifier allows both the entity and ITD to identify the
specific Statement later if questions or corrections arise.

Statement ID
• Upon successful validation checks on uploaded statement, a
new unique Statement ID is generated for future reference.

Report Serial Number

• Uniquely represents a report within a Statement.
• Report serial number along with Statement ID, uniquely identify
any report received by ITD
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 Correction Statement
• Reporting entity can file correction statement to rectify
the errors in the previously submitted statements.
• In case of correction, the complete report has to be
resubmitted.
• Report Serial Number of the original report should be
mentioned in the element ‘Original Report Serial
Number’.
o This number along with Original Statement ID will
uniquely identify the report which is being corrected.
o In case there is no correction of any report, ‘0’ will be
mentioned in the element ‘Original Report Serial
Number’.
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Report Generation and Validation
Utility
Report Generation and Validation Utilities

‘Resources’ section on Reporting Portal (https://report.insight.gov.in)

• Prerequisites for the Utility
– Operating System : Windows 7.1 and Above
– Java Runtime Environment (JRE) version 1.8 Update 101 or later available
at https://java.com/en/download/
• Running the Utility
– Extract the downloaded file to the folder using tools like WinZip or WinRAR
– Go to the folder where the contents of the Utility have been extracted and
click on jar file. It displays the General Instructions window 14
Preparation of Report
 Enter Statement Details – Part A

Part A contains the details of Reporting Entity, Statement and Principal Officer.
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 Enter Report Details

• There are two ways to enter the data:

o Enter the data in the utility itself
o Import data CSV
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 Import Report Details (1/3) - Export
CSV Template

• Export required CSV to be filled with reportable data.

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Import Report Details (2/3) - Populate
CSV with Data to be Reported

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Import Report Details (3/3) - Import
Populated CSV file

Bulk reports can be captured by importing CSV

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Validation of Report
 Validate the Statement

• Validation errors will be displayed in right panel

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 Defects & Exceptions

• Defects
– Defects are those which render the record(s)/
statement invalid
– The reporting entity would be required to file the
correction statement to rectify the defect
• Exceptions
– Exceptions are those which would not result in the
statement/report being rejected
– These only affect the quality of the data.
– However reporting entity should endeavour to rectify
the exceptions

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 Rectify Validation Errors

• It is mandatory to rectify the errors to generate the XML

• Revalidate the statement once error are rectified
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Generation of XML
 Generate XML

Click on Generate XML

and Save XML

• In case of no error, successful validation message will be displayed

• Generated XML file should have ‘.xml’ extension.
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 Next

• Submission of Report

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Thank You!!

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Frequently Asked Questions

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What does “Report Type” field in Part
A of Form 61B signifies?
Report Type field has two options:
• 01 - Report of US reportable accounts under
Rule 114G. The reports furnished under this
report type are reported to FATCA
• 02 - Report of other reportable accounts
under Rule 114G. The reports furnished
under this report type are reported to CRS

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Who is required to file Statement of
Reportable Accounts (Form 61B)?
• An entity needs to find out whether it is a
reporting financial institution (RFI)(Rule 114F(7)).
• RFI needs to review financial accounts held with it
by applying due diligence procedure to identify
whether any financial account is a reportable
account.
• If any account is identified as a reportable
account, the reporting financial institution shall
report the relevant information in Form 61B in
respect of the identified reportable accounts.
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Which is a Reportable Account?
A reportable accounts means an account which
has been identified pursuant to the due diligence
procedure, as held by:
• A reportable person
• An entity, not based in USA, with one or more
controlling person that is a specified controlling
person.
• A passive non-financial entity with one or more
controlling persons that is a person described in
sub-clause (b) of clause (8) of the rule 114F.
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Who is a reportable person?
Reportable person has been defined in the Rule 114F(8)
and means:-
• One or more specified US persons; or
• One or more persons other than
– A corporation the stock of which is regularly traded on one
or more established securities markets;
– Any corporation that is a related entity of a corporation
described in item (i);
– A Governmental entity;
– An International organization;
– A Central Bank; or
– A financial institution
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How are joint accounts to be
reported?
Where a Financial Account is jointly held, the
balance or value to be reported in respect of the
Reportable Person is the entire balance or value of
the account. The entire balance or value should be
attributed to each holder of the account.

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What Original Statement ID and Original
Report Serial Number in case of New
Statement?
Original Statement ID: In case the Statement
is new and unrelated to any previous
Statement,‘0’ should be entered
Original Report Serial Number: In case
Report is new and unrelated to any previous
report,‘0’ should be entered

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What should be the “Account Number
Type” in case of Indian Banks?

• Before entering the Account Number, the

Reporting Entity should select appropriate
Account Number type
• In case of Indian Banks, Account Number type
should be 02, i.e., Other Bank Account Number

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What should be the “Account Holder Type
for Other Reportable Persons” where
Controlling Person details are required?
• Before entering the Controlling Persons Details,
the Reporting Entity should select appropriate
“Account Holder Type for Other Reportable
Persons”
• “Account Holder Type for other Reportable
Persons” should be “C1”, i.e., Passive Non-
Financial Entity with – one or more
controlling person that is a Reportable Person
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