India: Implemented financial data localisation requirement in Companies (Accounts) Fourth Amendment Rules, 2022

On 11 August 2022, the Companies (Accounts) Fourth Amendment Rules 2022, amending the data localisation requirements for “books of accounts” under the Companies (Accounts) Rules 2014, were implemented following their publication in the Official Gazette. In particular, the Amendment requires “books of account” and documents containing relevant information related to them stored in electronic form to remain “accessible in India, at all times.” Furthermore, the Amendment requires the back-ups of “books of account” kept in electronic form, including those outside the country, to be stored on a “daily basis” in “servers physically located in India”, not only periodically (as required previously). Finally, the Amendment requires providers that are not located within the country to provide information on the person in control of the “books of account” in the country.