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FATCA and UBO

 No further transactions (except redemptions) will be allowed from 1st January 2016 if declaration is not submitted before 31st December 2015
 

Here is a detailed explanation for reference:


AMFI has asked AMCs to adhere to the following requirements from November 1, 2015:

  1. All new investors to provide additional KYC details - income slab, occupation, net worth, politically exposed status, etc.,
  2. All new non-Individual investors to provide the Ultimate Beneficial Ownership (UBO) details.
  3. All investors to submit FATCA/CRS declaration while opening account from 1st November 2015 and also for all the new accounts opened after 1st July 2014 to 31st October 2015.

Similarly, from 1st January 2016 all mutual funds have been advised to make it mandatory for existing investors to:

  1. Provide additional KYC details as mentioned above in order to make additional purchases (including switch) in their MF accounts
  2. Provide missing details and complete IPV (In-Person Verification) for all CVL-MF cases
  3. Update the Ultimate Beneficial Ownership (UBO) details in their existing accounts

Forms are available at the counters or can be downloaded from the websites of mutual funds or from the website of their transfer agents like cams, karvy. All investors (both individuals and entities) must fill-up the applicable FATCA-CRS Declaration and Supplementary KYC Information and UBO Declaration Form and submit it to mutual fund transfer agencies like CAMS, Karvy or AMC branches for update.


If declaration is not submitted before 31st December 2015, investors won't be able to carry out any transactions (except redemptions) from 1st January 2016.

Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. IDFC Tax Advantage (ELSS) Fund

4. ICICI Prudential Long Term Equity Fund

5. Religare Tax Plan

6. Franklin India TaxShield

7. DSP BlackRock Tax Saver Fund

8. Birla Sun Life Tax Relief 96

9. Reliance Tax Saver (ELSS) Fund

10. HDFC TaxSaver

Invest Rs 1,50,000 and Save Tax under Section 80C. Get Good Returns by Investing in ELSS Mutual Funds Online

Invest in Tax Saver Mutual Funds Online

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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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