IMPORTANCE OF FATCA COMPLIANCE

The Foreign Account Tax Compliance Act (FATCA) is a U.S. tax initiative that requires all financial institutions to report information (E.g. Name, Address, Date of birth, place of birth, Phone numbers, tax identification numbers, Account Number, Account Balance/Value etc.) to the relevant tax authorities about US accounts or accounts of certain entities in which U.S. persons hold a substantial ownership interest.

The implementation of Foreign Account Tax Compliance Act emphasizes the importance of having a reliable document management system in place. Your company will need to ensure all income held by foreign banks that exceeds the FATCA threshold is tracked and reported accurately, and that all essential documentation is furnished to the IRS.

Declaration & Additional Information under Foreign Account Tax Compliance Act ("FATCA") /Common Reporting Standards ("CRS") requirements for individual investors.

This is with reference to the SEBI circular number CIR/MIRSD/2/2015 dated August 26, 2015 on 'Implementation of the Multilateral Competent Authority Agreement and Foreign Account Tax Compliance Act [FATCA]' and related circulars /guidelines issued by SEBI and AMFI in this regard.

To meet the above reporting requirements, all applicable Financial Institutions including Mutual Funds in India shall implement additional due diligence process by obtaining self-certification from the customers and other related information.

The service requested can be submitted at CAMS or Service Centers for updation. Alternatively you may also use the facility provided by our Registrar & Transfer Agent - CAMS for online updation of FATCA details & Supplementary KYC. The link for accessing the same is www.camsonline.com