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FATCA and Mutual Funds

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What is FATCA?

FATCA is Foreign Account Tax Compliance Act.

US and India has signed an agreement whereby financial institutions in many countries are required to disclose details of their clients’ income, and if they are either residents of the US or financially connected to the US or have any tax residency in US.

US residents could either be citizens or green card holders.

The rule was enacted to prevent tax evasion through offshore investments that some residents may have.

Because of this agreement, even Indian investors need to submit their FATCA disclosure.

Who needs to submit FATCA?

All individuals and entities who have opened mutual fund folios between July 1, 2014 and August 31, 2015, need to submit the FATCA self-certifications by April 30, 2017.

Even NRIs have to update their FATCA details.

In fact, if you have opened or transacted in your folio recently, you will inevitably update the FATCA details without which the transaction will not be processed.

In case self-certifications are not submitted, such folios should prohibit the unit holder from effecting any further transactions.

Where can I update FATCA for mutal funds

FATCA details have to be updated for all mutual fund folios.

Mutual fund investors can update details online through websites of CAMS, Karvy and Franklin Templeton, which act as registrars for mutual fund houses.

CAMS FATCA Webpage is at

Karvy FATCA Webpage is at

Franklin Templeton MF investors can update it after loging-in on their website

What documents do I have to upload?

FATCA is a declaration and hence it does not require uploading or adding any forms or statements.

What if I made a mistake in my FATCA declaration?

You can re-submit the form online in case you have made an erronious submission in the past.

Online / Offline submission?

To submit FATCA declaration online, you need to have your email address and mobile # updated in your folios.

An OTP will be sent to the mobile # at the time of online submission of the declaration.

If you prefer to update FATCA offline, you can download the form from the respective website.

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