New KYC Norms Mean for Your Mutual Fund Investments All mutual fund investors, whether new or existing, will have to provide additional Know Your Customer (KYC) details to their fund houses. Key Points: In September this year, the Association of Mutual Funds of India (AMFI) came out with a circular directing mutual fund companies to collect additional information from new investors from November 1, 2015 to comply with norms of the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). The mutual fund body advised fund houses to make the additional KYC information mandatory for investors from January 1, 2016. The additional KYC details a mutual fund investor has to provide under FATCA and CRS include gross annual income, net worth, occupation, source of wealth and country of birth. If the investor is tax resident in any country other than India, the additional information required will include tax identification number and country of tax residency. How to up
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