sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 How to submit Form 15H, Form 15G to avoid TDS on interest income
 What is tax deducted at source (TDS)?
 Income Tax Return filing 2018: Here are some important tips for you
 Change in Examination Venue in Thane, Zone – II, May 2018 Examinations
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department

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 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions