114H. Due diligence requirement.

(1) An account shall be treated as a reportable account beginning as on the date it is identified as such pursuant to the due diligence procedure specified in sub-rule (3) to sub-rule (8) and, unless otherwise provided, information with respect to a reportable account shall be reported annually in the calendar year following the calendar year to which the information relates.

(2) For the purpose of this rule,

(a) documentary evidence includes any of the following, namely :

(i) a certificate of residence issued by an authorised Government body, including a Government agency or a municipality, of the country or territory in which the payee claims to be a resident;

(ii) with respect to an individual, any valid identification issued by an authorized Government body, including a Government agency or a municipality, that includes the individuals name and is particularly used for identification purposes;

(iii) with respect to an entity, any official documentation issued by an authorized Government body, including a Government agency or a municipality, which includes the name of the entity and either the address of its principal office in the country or territory in which it claims to be a resident or the country or territory in which the entity was incorporated or organized;

(iv) any financial statement, third-party credit report, bankruptcy filing, or a report of the Government agency regulating the securities market;

(b) high value account means a pre-existing individual account with a balance or value that,

(i) in case of a U.s. reportable account, exceeds an amount equivalent to one million U.s. dollars as on the 30th June, 2014 or 31st December of any subsequent year; and

(ii) in case of other reportable account, exceeds an amount equivalent to one million U.s. dollars as on the 31st December, 2015 or 31st December of any subsequent year;

(c) lower value account means a pre-existing individual account with a balance or value that,

(i) in case of a U.s. reportable account, exceeds an amount equivalent to fifty thousand U.s. dollars but does not exceed an amount equivalent to one million U.s. dollars as on the 30th June, 2014; and

(ii) in case of other reportable account, does not exceed an amount equivalent to one million U.s. dollars as on the 31st December, 2015;

(d) new account means a financial account maintained by a reporting financial institution opened on or after, (i) in case of a U.s. reportable account, the 1st July, 2014; and (ii) in case of other reportable account, the 1st January, 2016;

(e) new entity account means a new account held by one or more entities;

(f) new individual account means a new account held by one or more individuals;