Hi All, Couple of questions For NRO accounts, the bank is asking for PAN/Aadhar card. What do you do when you don't have one. How do NRO account holders living overseas pay taxes.
I just informed the bank that I am not eligible for Aadhar Card as I have not lived for more than 182 days in India. However, we can get PAN card by applying to the Income-Tax. It is a must to have a PAN Card if you have NRO Account even if you don't have taxable income.
Find a local agent and get PAN card processed . There is no biometrics involved so you can get it done from your current location.
Thank you @Viswamitra and @mangaii I spoke to my branch bank manager and he informed me that the current ask is for people to link their Aadhar and PAN cards. Supposedly the PAN will be discontinued and only Aadhar will be used going forward. He informed me that I don't need to do anything being an NRI.
@Thoughtful, Thank you for your response. I guess the passport/OCI card will be only identity going forward if they don't link PAN #. It is interesting you say that. I had an issue recently when I sold my flat. All of the title documents had my name one way whereas my passport and OCI had the name differently. Finally, only my PAN card had the name exactly as per title documents. Even though the subregistrar used my US Passport and OCI copies for the record to take my power of attorney in favor of my friend, they used my PAN card to confirm the name as per the title. I am surprised the Bank Manager said PAN is no longer linked to NRO account. Because they need PAN number to pay TDS if you have interest income from your bank accounts. Besides, if you get a refund order, without linking the PAN card to your NRO account, you can't get refund from IT. The IT department no longer send checks and they send direct deposit to the bank account linked with PAN number.
@Viswamitra I did a quick google search to see if anything turns up on this. Although this article doesn't say the future of existence of PAN, it talks about unlinked PAN and Aadhar making the PAN as inactive. PAN To Stop Working After March 2023 If Not Linked With Aadhaar Card; Penalty And Other Details Here
Apparently as NRIs, none of us are eligible for Aadhar card unless one is an Indian citizen or foreign nationals who has stayed over 182 days. I guess the bank may remove PAN only for Indian citizens.
What kind of account do you have in India ? Any FD which generates interest ? How frequently you visit India ? Are you Indian citizen ?
@Viswamitra sir I think that used to be the criteria earlier. But now no such mandatory stay is needed for an NRI to hold an Aadhar card.
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