What is Foreign Account Compliance Act (FATCA)? & It's Importance

Posted On Thursday, Jun 09, 2016

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We thank you for your faith in the Quantum philosophy and your continued investment in Quantum Mutual Fund.

By now most of you must have submitted your Foreign Account Compliance Act (FATCA) forms.

We would like to inform you that as per the FATCA, Quantum Mutual Fund is required to undertake due diligence process of all the investors including Indian Residents residing in India and Non Resident Indian (NRI) residing in USA or any other country to identify US Reportable Account.


What is FATCA?

A little technical information here - US Reportable Account broadly includes the categories of US Citizens, US Residents, US Persons, NRI individuals based in USA, Indian Residents who are born in the USA or present mailing or residential address in USA (including a US Post Office Box) or having a current USA Telephone Number or standing instructions to transfer funds to an account maintained in USA or current effective power of Attorney or signing authority granted to a person with USA address or care of / hold email address of USA.

To identify and meet the above requirements Country of birth, Country of Citizenship / Nationality and Tax Residency of all the Investor is obtained by way of FATCA Declaration from all the Investors including Indian Residents and Non Resident Indian (NRI) residing in USA or any other country.

In case you still haven't been able to submit your FATCA forms, we request you to do it at the earliest. Below are few online and offline ways investors can use to submit their FATCA declaration.


3 ways to submit your FATCA declaration:

Online portal: We have added a section in the Invest Online portal wherein existing investors can submit their FATCA related details which will get updated against their folio. Or Investors can also update their FATCA details on Karvy's website and this will be updated across all Mutual Fund Investments where Karvy Computershare Pvt Ltd is the service provider.
After filling all details in the FATCA form and upon submission the same will be updated in the selected folio.


Email: Or you can also download the FATCA forms for Individual and HUF and Non-Individuals respectively and send a scan copy of the duly filled and signed form from your registered email id to [email protected].


Offline:

You can send the duly filled and signed FATCA form to:

Investor Services Department
Quantum Asset Management Company Private Limited
Regent Chambers, #505, 5th Floor,
Nariman Point, Mumbai - 400 021.

Alternatively you can submit your duly filled and signed FATCA form to our Collection centers. Please click here for list of Collection Centers.

"Note: According to the IGA (Intergovernmental Agreements ), for all individuals and entities whose accounts are opened from 1st July, 2014, FATCA details of all holders in the account (irrespective of the mode of holding) need to be obtained by 31st August, 2016. Else the accounts of the concerned will be closed and their information will be reported as "reportable accounts" to the US Internal Revenue Service (IRS) or the Indian Tax Authorities for onwards submission to IRS."



Disclaimer, Statutory Details & Risk Factors:


The views expressed here in this article / video are for general information and reading purpose only and do not constitute any guidelines and recommendations on any course of action to be followed by the reader. Quantum AMC / Quantum Mutual Fund is not guaranteeing / offering / communicating any indicative yield on investments made in the scheme(s). The views are not meant to serve as a professional guide / investment advice / intended to be an offer or solicitation for the purchase or sale of any financial product or instrument or mutual fund units for the reader. The article has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst no action has been solicited based upon the information provided herein, due care has been taken to ensure that the facts are accurate and views given are fair and reasonable as on date. Readers of this article should rely on information/data arising out of their own investigations and advised to seek independent professional advice and arrive at an informed decision before making any investments. Please visit – www.quantumamc.com/disclaimer to read scheme specific risk factors.

Above article is authored by Quantum.

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