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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 blocking of 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. Non-receipt of offline FATCA form timely by CRA (Central Recordkeeping Agency) can cause you problem in making withdrawals and depositing money in NPS or PRAN accounts.
Offline FATCA self-declaration should be filed if your
For 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.
