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Short note on FATCA


Foreign Account Tax Compliance Act (FATCA) requires that all financial

institutions (including Indian mutual funds) need to report financial

transactions of US persons and entities in which US persons hold a substantial

ownership.

Enacted to prevent tax evasion through foreign investments.

Key details required: Country of birth, Country of citizenship, country of tax

residence, TIN from such country.

Currently made mandatory for all investors (existing and new) in Indian

mutual funds.

For non-individual investors, Ultimate Beneficial Ownership (UBO) details

have to be provided.

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