Why do I have to submit my FATCA details?

Every Indian investor needs to provide an additional KYC and compliance form, apart from the regular KYC information, at the time of operating any financial or investment account. FATCA is a law that is aimed at ensuring that all individuals pay on income generated from their wealth parked overseas.

All the investors and account holders have to provide a self-certification about 'tax residency' to their respective financial institutions for compliance with FATCA failing which the account will be blocked.

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Why do I have to submit my FATCA details?