Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 15 income tax rule changes in 2024 that will impact your ITR filing in 2025
  How to check income tax return (ITR) status
 Income tax rules: How much cash can you receive in one day to avoid an I-T notice?
 Tax saving tips: How you can reduce tax burden under the new regime
 Condonation of delay under section 119(20) of the Income-tax Act, 1961 in filing of Form No. 9A/10/108/10BB for Assessment Year 2018-19 and subsequent assessment years
 Condonation of delay under section 119(2)(b) of the Income-tax Act, 1961 in filing of Form No. 10-IC or Form No. 10-ID for Assessment Years 2020-21, 2021-22 and 2022-23
 New GST form notified to help taxpayers adjust tax demand amount: Here's how to use

NRIs told to get PAN for trading
October, 28th 2006

The Securities and Exchange Board of India on Friday said it was withdrawing the limited purpose beneficiary owner account/ trading account facility for non-resident Indians (NRIs) and persons of Indian origin (PIO) without a permanent account number (PAN).

This follows the Directorate of Income Tax issuing guidelines facilitating Indian citizens residing outside India, foreign citizens and other persons (like companies, trusts or firms) having no office of their own in India, to obtain PAN based on the copy of their passport as ID proof and copy of passport/copy of bank account in the country of residence as address proof.

The NRIs/PIOs, who have already opened such BO accounts/trading accounts without PAN, shall be required to comply with the mandatory requirement of PAN on or before December 31, 06, failing which such accounts shall be made inoperable by the depository/depository participant/broker, the Sebi circular said.

Following representations from NRIs and PIOs, who were unable to obtain a PAN card for some reason but were holding physical securities which they wanted to sell, the Sebi had in July allow them to open a limited purpose BO account without PAN, subject to certain conditions specified therein.

In the last week of September, the same was also extended for trading in cash market for such NRIs/PIOs. Sebi has asked the depositories and stock exchanges to make amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting