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