Pan Card is must for NRI's.

Discussion in 'Money Matters' started by Shanvy, Jan 2, 2008.

  1. Shanvy

    Shanvy IL Hall of Fame

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    Hi,

    Thought I will share this information. This is for those who don't have a pancard.


    PAN Card has been made compulsory for all NRI's starting from 2nd January 2008 as per the notice posted on Income Tax department of India and SEBI website for making any financial transactions in India by Indian citizens or NRI's

    PAN Card is now required to withdraw money from Indian banks, process mutual fund, shares, investments, financial transactions or property buying or selling related matters, etc.

    Documents required for NRI to process PAN Application:
    A. Passport Copy Full with Indian Address and Fathers Name.
    B. Passport size single Photograph
    C. Address Proof

    And you can apply online and the form is available at ,

    http://incometaxindia.gov.in/PAN/Overview.asp
    You can go through the other details also there.

    As per the site, if you fill the form, and pay the amount, your pan card will be processed and you will get a number allotted within 15-20 days.

    Hope this is useful .
     
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  2. Shobanag

    Shobanag Bronze IL'ite

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    Very good information Shanthi - I know that there have been questions by many regarding trading in stock in the Indian market while they are residents of US. This will definitely help them be aware of new regulations.
     
  3. Shanvy

    Shanvy IL Hall of Fame

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    shobana,

    thank you. There are lot of IL's who are thinking of stocks and some even about purchasing plots/houses, for all of this now pan card is mandatory.
    this information was to help them out, because after coming down for the purpose of finalising, if you get stuck because of pancard, it will really be waste of money,effort.
     
  4. Saraswathipv

    Saraswathipv IL Hall of Fame

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    Thanx for the infor Shanvy..

    Will pass on the info to others ...

    Bye
     
  5. GPriya

    GPriya Bronze IL'ite

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    Hi Shanthi & other Ilites,

    Nowadays, Pan # alone is not enuf if you are in the habit of investing in mutual funds in India. You have to have a KYC # (Know your client ).

    This KYC# is needed if your investment exceeds Rs.50k, irrespective of whether you are an individual investor (Indian or NRI) or in a partership (institutional investor).

    The procedure to get KYC# is pretty much the same like PAN, id proof, address proof and also PAN card account #. As KYC# needs PAN #, this should be applied after getting PAN#.

    I guess the above info is helpful for avid investors.

    Regards,
    Geeth Priya.
     
  6. puni88

    puni88 Moderator Staff Member IL Hall of Fame

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    Deare Shanthi and Geetha priya,

    Thanks for sharing such a valuable information.

    ~PUnitha
     
  7. Shanvy

    Shanvy IL Hall of Fame

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    Priya,

    KYC is taken care by your dP..the depository provider...for your demat account....
     
  8. shravanthika

    shravanthika Senior IL'ite

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    Shanthi and Priya,
    gr8 info.Thanx
     
  9. sheshin

    sheshin Gold IL'ite

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    Shanthi and Priya,
    thank you for your information.
     
  10. Arunarc

    Arunarc Moderator Staff Member IL Hall of Fame

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    Hi Shanthi
    Nice information thanks for this.........
    I already have a pan card do we need to renew it or is it ok............
     

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