The ministry of finance and PFRDA have issued a circular in which they have asked NPS subscribers to comply with Foreign Account Tax Compliance Act (FATCA) and Central Registry of Securitisation Asset Reconstruction and Security (CERSAI) norms.
While Foreign Account Tax Compliance Act (FATCA) is an anti-tax evasion law, under which fund houses are required to report information on US investors to US IRS (Internal Revenue Service) through CBDT, Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) was entrusted with the task of setting up the Central KYC Registry.
“In compliance with the Prevention of Money Laundering Act guidelines issued by the government of India FATCA and CERSAI have been made mandatory for new as well as existing subscribers. These have been made mandatory in the new common subscriber registration form (CSRF) that are required to be filled in by the new subscribers. The existing subscribers have been provided the facility to submit online FATCA Self-Certification in their login (www.cra-nsdl.com or https://enps.karvy.com/Login/Login ). The information regarding the said functionality is also made available on Central Record-keeping Agency (CRA) websites.”
PFRDA has also made bank account details and mobile no. mandatory for NPS subscriber to provide make the process of exit from NPS hassle free.
