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!
« Latest Circulars »
Open DEMAT Account in 24 hrs
 Auction of State Government Securities Feb 23, 2024
 RBI imposes monetary penalty on The Adinath Co-Operative Bank Limited, Dist. Surat, Gujarat
 The Relevance of SEACEN in a Turbulent World (Closing remarks by Michael Debabrata Patra, Deputy Governor, Reserve Bank of India - February 15, 2024 - at the 59th SEACEN Governors' Conference
  Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024
 Extension of validity of Directions under Section 35A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) - HCBL Co-operative Bank Ltd., Lucknow (U.P.)
 Business restrictions imposed on Paytm Payments Bank Limited vide Press Releases dated January 31 and February 16, 2024
 Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 Shimsha Sahakara Bank Niyamitha, Maddur, Mandya District Extension of Period
 Reserve Bank of India (Government Securities Lending) Directions, 2023
 Building resilient brand India amidst global uncertainty (Speech by Shri Swaminathan J, Deputy Governor, Reserve Bank of India - December 28, 2023 - at the 10th SBI Banking and Economic Conclave in Mumbai)
 Trade Credit for imports into India Submission of return on issuance of bank guarantees for Trade Credits on the Centralised Information Management System (CIMS)
 Minutes of the Monetary Policy Committee Meeting, December 6 to 8, 2023

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 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting