bank of baroda fatca form

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Appendix 1 FLATCARS Appendix for Individual Accounts (including Sole Proprietor To be obtained with Account Opening Form for Individuals) Account No. Details under FATWA and CRS (see instructions)
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Goal so what are the implications of vodka and CRS individual investor I would like to give you a brief background of what exactly is factor and CRS to answer your question appropriately so internationally if you see the government's have been very concerned about money flowing out of their country into various other jurisdictions, and you know thus avoiding paying further tax on income and on those new assets which are flowing out of the country these governments have been signing treaties with each other, so that information can be exchanged and shared between the government's FATWA is a US law which requires the countries which are signing agreements with the U.S. to exchange information related to tax related to investments etcetera which binds the country which is signing that intergovernmental agreement to provide those details to the US government India has signed the intergovernmental agreement with the U.S. to share information related to investments financial assets' etcetera which pertain to US persons and u.s. persons are defined as US citizens or US residents this particular law also has a significant implication on various financial institutions elsewhere including in India what we are required to do is to collect information from investors individuals as well as non individuals and various details to be then exchanged between the governments if you see what we have done in Access mutual fund is we have you know got this particular form which a resident individual investor has to fill in or any individual investor who's investing into our funds has to fill in if you see the main contents of the form require an investor to tell whether he is a tax resident of any other country other than India or not if he is a tax resident of India actually and only India then things become very simple but if he is a tax resident of us then this information and the various other details that he fills in this particular form we have to submit it to the income tax department of India which in turn would provide these details to the IRS of us, so that is what is the requirement prescribed so if you see various things like you know place of birth of an investor what country of birth of an individual investor becomes very important similar to FATWA there is another arrangement called in a common reporting standard when we have signed an agreement which binds it to exchange this sort of information very similar to what we exchange with the US and the FATWA with close to a hundred odd countries we have to capture whether an investor is say from Australia and then exchange the detail with Australian government so this is something which FATWA has already come into existence from first November across the mutual fund industry this has been implemented and CRS comes into effect from 1st of January 2016 so that is broadly how it will have an implication on the individual investor he has to give these details these become mandatory from the dates I mentioned...
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