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NPS subscribers who have registered on or after 1 July 2014 have to give a mandatory FATCA declaration online or offline.
FATCA refers to Foreign Account Tax Compliance Act. It is a US initiative which has also been entered into by Indian government. Under this agreement, the Indian government needs to give details of all US citizens holding prescribed securities and assets in India.
FATCA is of vital importance because it was previously communicated that non-submission of this self-declaration will result in the blocking of the NPS account. Although, later no accounts were actually blocked. But currently, if you do not file this declaration, you will not be able to either -
From your NPS or PRAN account. The declaration is already effective for Mutual Funds, etc.
It is always preferable to file the self-declaration online. The CRA (Central Recordkeeping Agency) not receiving the offline FATCA form in a timely manner can cause problems with making withdrawals and depositing money in NPS or PRAN accounts.
Offline FATCA self-declaration should be filed if your -
For the purpose of taxation is other than India or is US (United States).
The physical form shall be sent either to the Nodal Office or CRA (Central Recordkeeping Agency) at
NSDL e-Governance Infrastructure Limited
1st Floor, Times Tower, Kamala Mills Compound, Senapati Bapat Marg,
Lower Parel, MUMBAI -400013″
For submitting the self-declaration offline, the FATCA form can be downloaded from https://npscra.nsdl.co.in/download/pdf/FATCA%20Self%20Declaration%20Format.pdf
You would be required to follow these steps for submitting FATCA online
Even in the case, you are not a US citizen but just an Indian Citizen you are required to submit this declaration being NPS subscriber after 1 July 2014. It is the duty of Indian government to sort the submissions and further give the relevant details to US authorities as per agreement.
You can check the status of your FATCA registration by logging into your FATCA account and viewing the account status displayed on the home page. The system will also generate automatic email notifications to the responsible officer (RO) whenever there is a change in the registration status.
The FATCA declaration form can be submitted to the National Pension Scheme. Physical FATCA certification for NPS has to be sent to the Central Recordkeeping Agency (CRA) at the address given below -
NSDL e-Governance Infrastructure Limited, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013
It is essential to understand that submitting the FATCA self-declaration is crucial. Although no NPS accounts have been blocked to date, not filing this declaration means you cannot deposit into or withdraw from your NPS or PRAN account. Compliance with FATCA ensures your account remains fully operational.
The Taxpayer Identifying Number (TIN) is a unique nine-digit number that the Internal Revenue Service (IRS) uses to oversee tax laws in the United States. The Social Security Administration (SSA) or the IRS issues this number. It serves as a key identifier for individuals and entities within the tax system.
