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CBDT clarifies on issuance of PAN to FIIs
May, 27th 2008
The Central Board of Direct Taxes (CBDT) on Friday clarified that there is no truth in media reports which said one of the reasons for the decline in FII investments is the alleged delay in issue of permanent account number (PAN) or PAN cards to FIIs by the income tax department. The allotment and issue of PAN cards is carried out by the Income Tax department in partnership with UTITSL and NSDL. During 2007-08, UTITSL received 100 applications from FIIs for new PAN cards and all these were issued within 15 days. The average time taken was 15 days. As on 31.3.2008, there were no pending applications for new PAN cards, said CBDT. According to the board, during the same period, NSDL received 558 applications from FIIs for new PAN cards, out of which 81% were issued within 15 days and 13% were issued between 16 to 30 days.
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