What is FATCA and CRS this is what I am going to explain you in Hindi.
What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) is a piece of US tax regulation that aims to combat tax evasion by US persons opening accounts offshore.
FATCA aims to detect and discourage offshore tax evasion by U.S. citizens or U.S. residents by requiring financial institutions to identify and report accounts held by U.S. persons. Where account holders refuse to be identified, financial institutions are required to report them based on information available.
The main aim of FATCA is to restrict US persons to create wealth outside USA like in Mutual Funds, NPS, Fixed Deposits etc. It not only is for US persons but also binds business entities.
Government of India has bilateral agreement with Government of United states to implement FATCA.
What is CRS?
Alike FATCA, CRS stands for Common Reporting Standard(CRS) is a globally accepted standard to automatic exchange of financial information among nations, set forth by OECD(organization for economic cooperation and development, which is in close cooperation among G-20 nations , EU(European union) and other countries.
You can check the status if your FATCA\CRS for is submitted or not online and even you can submit these forms online hassle-free, You just need your PAN Number and mobile number linked to your PAN Number so that you can receive an OTP code and can easily submit the form online.
Submit FATCA\CRS Online
SUNDARAM BNP PARIBAS: https://www.sundarambnpparibasfs.in/web/service/fatca/
Kotak Mahindra Bank: http://www.kotak.com/bank/common/kotak_offer_files/FATCA_annexure1.pdf
This declaration has recently become mandatory for NPS account holders and even nowadays bank account holders while login to net-banking are getting online form automatically to accept and submit it. I received the FATCA\CRS declaration online while logging to my Kotak net-banking account.
Please watch the complete video for proper understanding.
If you like my video please make me happy by sharing it on social media and subscribing my YouTube channel