Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: cpt :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: TDS :: due date for vat payment :: form 3cd
 
 
« Latest Circulars »
 RBI proposes fresh Regulations under Foreign Exchange Management Act, 1999 for Cross Border Mergers: Invites comments from stakeholders
 Decrease in Foreign Investment limit/ceiling under the PIS in Indian Companies from 49% to 47% - M/s Ujjivan Financial Services Limited
 RBI launches the May 2017 Round of Inflation Expectations Survey of Households
  RBI announces auction of a 15-days Government of India Cash Management Bill
 Auction of Government of India Dated Securities April 24, 2017
 RBI- Compliance with Ghosh Committee Recommendations
 RBI announces auction of a 15-days Government of India Cash Management Bill
  Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 - Amended
 Minutes of the Monetary Policy Committee Meeting April 5-6, 2017
 Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 - Amended
 RBI-Professor Willem H. Buiter, Global Chief Economist, Citigroup, delivers the Sixteenth C.D. Deshmukh Memorial Lecture titled ‘The Good and the Bad Fiscal Theory of the Price Level’

Foreign Institutional Investors - Delay in issuance of PAN card
May, 30th 2008

Press Release

dated 23 May 2008 

Foreign Institutional Investors - Delay in issuance of PAN card

The Income Tax Department strongly denied the claims that the Foreign Institutional Investors (FIIs) investments had declined due to delay in issuance of PAN cards. It further clarified that the allotment and issue of PAN cards was carried in partnership with UTITSL and NSDL, and that the PAN cards were being issued within 15 days. And if at all there was a delay in issuance of PAN cards, it was due to incomplete documentation by the applicants. 

It has been reported in some sections of the media that investments by the Foreign Institutional Investors (FIIs) had declined in the last few months and 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.

There is no truth in such report and the Income Tax department strongly denies such allegations.

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 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.

During the same period, NSDL received 558 applications for new PAN cards, out of which 81% were issued within 15 days and 13% were issued between 16 to 30 days. The average time taken was 13 days. As on 31.3.2008, there were only 2 pending applications for new PAN cards.

Delays, if any, in issuance of PAN cards take place usually due to incomplete documentation by applicants. Applicants must, therefore, ensure that the documentation required for making application for PAN is complete in all respects.

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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