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FATCA & CRS
FATCA is the acronym for the Foreign Account Tax Compliance Act. It is a US federal law enacted by the US govt. to curb offshore tax evasion by US persons. It does so by tracking the global income generated by US persons who use financial institutions outside their home country to avoid domestic taxation & not declare their true taxable income to the IRS (Internal Revenue Service or IRS is the taxation authority in the US similar to Income Tax Department in India).
CRS is the acronym for the Common Reporting Standard. It is a global level uniform standard for Automatic Exchange Of Information (AEOI) regarding financial accounts. Its purpose is to combat offshore tax evasion.
CRS can be understood as roughly an international version of FATCA. FATCA applies only for US persons, whereas CRS is applicable for citizens of every country that is registered and adopted CRS
Yes, it is mandatory for all investors/unitholders to provide the FATCA/CRS information. For your convenience, both these have been merged into one form, as they have overlapping requirements, and you only need to provide one set of information which will suffice for both FATCA as well as CRS
Every investor/unitholder who opens a new account with any mutual fund is required to give FATCA/CRS self-certification. Even if you are not a tax resident of any other country outside India, you are required to submit the FATCA/CRS declaration confirming your tax residency status to comply with these international reporting requirements.
No, this is not a one-time KYC process. The Central Board of Direct Taxes (CBDT)/Government of India requires all financial institutions, including mutual funds, to collect FATCA/CRS details from investors/unitholders. Since this is a regulatory requirement, each mutual fund may request this information separately as part of account opening process. investors/unitholders should ensure their details are updated with the respective mutual fund whenever there are changes.
Individual investors are required to submit the FATCA-CRS Declaration & Supplementary KYC Information form.

Disclaimer - This is intended solely for informational purposes and does not constitute legal, tax, or financial advice. The contents are based on prevailing compliance requirements applicable and are subject to change. All investors/unitholders are required to provide FATCA/CRS declarations as part of the account opening and ongoing due diligence process. Submission of accurate and complete information is essential to meet international reporting obligations and ensure uninterrupted account operations. Investors are strongly encouraged to consult their independent legal or tax advisors for guidance tailored to their specific circumstances. PPFAS Mutual fund/PPFAS Asset Management Private Limited shall not be held liable for any loss, liability, or regulatory consequence arising from reliance on the information provided herein.