PAN Card NOT Compulsory for NRIs, OCI, PIO . . .
PAN Card Unofficial Agents - Pan Card NOT required by NRIs, OCI & PIOs
NRIs should be careful when sending Identity Documents to unknown persons
As the government of India tries to get more people and businesses to pay tax. Making the use of PAN card compulsory to avail services is a step taken by the authorities to help expand the tax base. Services such as opening a bank account in India, applying for a credit card, investing in the stock market or making purchases in cash that exceed Rupees 50,000 now requires a PAN card. These days Pan Cards are very much in the news.PAN Card Agents Targeting NRIs, OCI, PIO & Foreigners
As news reports highlight the requirement of having a PAN Card in India, some NRIs, OCI & PIOs are perhaps left with the impression that a PAN card is now compulsory for all NRIs. Some non-government websites offering Pan card procurement services for a fee, even go to the extent of advising their website visitors to get PAN cards for their entire families as soon as possible warning them that the procedure, rules and regulations for getting a Pan card may become more difficult in the future! A claim that defies intelligence! Recently I received an email from an NRI inquiring whether PAN cards would be soon compulsory even to visit India! This of course is not true and most non-residents living abroad do not need Pan cards. Unofficial PAN Card Websites Many unofficial PAN Card websites are trying to cash in by offering to acquire PAN cards for NRIs, OCI and Foreigners for a fee that can be anywhere from about 40 to 100 US dollars per person. While there is nothing illegal about this type of service, those contemplating on using such PAN card agents should exercise care, money may not be the concern here but sending personal identity documents to parties unknown should be a concern these days to everyone. Personal Identity Documents - Identity theft Here are some of the types of documents sent by people applying for Pan card’s usually to parties unknown solely on the basis of a website. Passport copies & their photographs [passports also show the persons signature - so signature sample is also sent] Copies of OCI Card PIO Card copies Bank account statements In this day and age identity theft is an issue that should not be taken lightly, there are no guaranties that your documents if they get into the wrong hands will not be misused as some point of time. Some private websites offering PAN card procurement services may be confused by people to be official government websites, unless they read disclaimers posted somewhere on their websites pages. Generally such disclaimers are posted on a location that the visitor may not be able to see as soon as they access such websites. Websites may perhaps post some favorable reviews from previous clients to entice clients to use their services. However, reviews are not verifiable and should not be the only criteria to select a service provider. A site with only favorable reviews is also not realistic. Before submitting important identification documents through the Internet, make it a point to read any disclaimers, terms of service etc. To play it safe, when applying for a PAN card online, make sure you are on the official government website. There is only one official site: https://tin.tin.nsdl.com/pan/Pan Card NOT Compulsory for NRIs, OCI & PIOs
Where ever there is a requirement to provide PAN card in India, NRIs OCI & PIOs who do not have a PAN card are allowed to simply fill in a one page form referred to as Form 60. The place where you are availing the service will provide you with a copy of the Form free of cost. These Forms can also be downloaded from the Indian income tax department website. NRIs, OCI & PIOs who want to open a bank account in India and do not have a PAN can use Form 60 instead. Form 60 in lieu of PAN is accepted from those who are not liable to file tax in India as they either have no income or their income is below the allowed tax free threshold. When do NRIs, OCI & PIOs require a PAN CARD? PAN Card is required by those NRIs, OCI or PIOs who have taxable income in India. Remember, simply having a PAN card does not mean you must file a tax return in India. The requirement to file tax is only if you have taxable income in India. NRIs, OCI & PIO will also need a PAN Card if they want to invest in Mutual Funds in India. The chances are that if you want to invest in such securities and don’t have a PAN, your bank will help get it for you and perhaps provide such service free of charge, they want your business! To purchase property in India PAN is also required.Overview
The majority of non-residents such as Overseas Citizen of India (OCI) or Persons of Indian Origin (PIO) holding foreign passports do not require PAN Cards. Not many ‘Foreign citizens, OCI holders or PIOs abroad carry on investment related transactions in India. The process of getting a PAN Card in India is straight forward, costs Rupees 107 [less than two dollars] if mailing address is in India and is issued in a matter of days. Non-residents may be better off to apply for a PAN directly while in India and avoid sending important documents online to third parties. To be fair, those who provide PAN Card services online to non-residents for a fee may be running a legitimate business. Many business have opened offices in several Indian cities also that offer such PAN card services to clients. For a fee of about 6 or 8 dollars [Rupees 400 to 600] they provide home service where they will even pick up the documents from your home. Before using PAN card online services from private parties be careful as to who you are dealing with, take a few minutes to read their disclaimers or terms of service if they have any posted on their website. Identity theft should not be taken lightly. As for the process of getting a PAN card in future becoming more difficult! I beg to differ, on the contrary it may become a lot easier and simpler so more people can apply. If the government wants more people to have and use Pan cards, so they can track financial transactions, discourage use of so called black money and get people to pay their share of due taxes, why would they want to make it difficult for people to get a PAN Card?
Disclaimer: Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional
accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has
been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail.
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PAN Card NOT Compulsory for
NRIs, OCI, PIO . . .
PAN Card Unofficial Agents - Pan Card
NOT required by NRIs, OCI & PIOs
NRIs should be careful when sending
Identity Documents to unknown persons
As the government of India tries to get more people and businesses to pay tax. Making the use of PAN card compulsory to avail services is a step taken by the authorities to help expand the tax base. Services such as opening a bank account in India, applying for a credit card, investing in the stock market or making purchases in cash that exceed Rupees 50,000 now requires a PAN card. These days Pan Cards are very much in the news.PAN Card Agents Targeting NRIs, OCI, PIO &
Foreigners
As news reports highlight the requirement of having a PAN Card in India, some NRIs, OCI & PIOs are perhaps left with the impression that a PAN card is now compulsory for all NRIs. Some non-government websites offering Pan card procurement services for a fee, even go to the extent of advising their website visitors to get PAN cards for their entire families as soon as possible warning them that the procedure, rules and regulations for getting a Pan card may become more difficult in the future! A claim that defies intelligence! Recently I received an email from an NRI inquiring whether PAN cards would be soon compulsory even to visit India! This of course is not true and most non-residents living abroad do not need Pan cards. Unofficial PAN Card Websites Many unofficial PAN Card websites are trying to cash in by offering to acquire PAN cards for NRIs, OCI and Foreigners for a fee that can be anywhere from about 40 to 100 US dollars per person. While there is nothing illegal about this type of service, those contemplating on using such PAN card agents should exercise care, money may not be the concern here but sending personal identity documents to parties unknown should be a concern these days to everyone. Personal Identity Documents - Identity theft Here are some of the types of documents sent by people applying for Pan card’s usually to parties unknown solely on the basis of a website. Passport copies & their photographs [passports also show the persons signature - so signature sample is also sent] Copies of OCI Card PIO Card copies Bank account statements In this day and age identity theft is an issue that should not be taken lightly, there are no guaranties that your documents if they get into the wrong hands will not be misused as some point of time. Some private websites offering PAN card procurement services may be confused by people to be official government websites, unless they read disclaimers posted somewhere on their websites pages. Generally such disclaimers are posted on a location that the visitor may not be able to see as soon as they access such websites. Websites may perhaps post some favorable reviews from previous clients to entice clients to use their services. However, reviews are not verifiable and should not be the only criteria to select a service provider. A site with only favorable reviews is also not realistic. Before submitting important identification documents through the Internet, make it a point to read any disclaimers, terms of service etc. To play it safe, when applying for a PAN card online, make sure you are on the official government website. There is only one official site: https://tin.tin.nsdl.com/pan/Pan Card NOT Compulsory for NRIs, OCI &
PIOs
Where ever there is a requirement to provide PAN card in India, NRIs OCI & PIOs who do not have a PAN card are allowed to simply fill in a one page form referred to as Form 60. The place where you are availing the service will provide you with a copy of the Form free of cost. These Forms can also be downloaded from the Indian income tax department website. NRIs, OCI & PIOs who want to open a bank account in India and do not have a PAN can use Form 60 instead. Form 60 in lieu of PAN is accepted from those who are not liable to file tax in India as they either have no income or their income is below the allowed tax free threshold. When do NRIs, OCI & PIOs require a PAN CARD? PAN Card is required by those NRIs, OCI or PIOs who have taxable income in India. Remember, simply having a PAN card does not mean you must file a tax return in India. The requirement to file tax is only if you have taxable income in India. NRIs, OCI & PIO will also need a PAN Card if they want to invest in Mutual Funds in India. The chances are that if you want to invest in such securities and don’t have a PAN, your bank will help get it for you and perhaps provide such service free of charge, they want your business! To purchase property in India PAN is also required.Overview
The majority of non-residents such as Overseas Citizen of India (OCI) or Persons of Indian Origin (PIO) holding foreign passports do not require PAN Cards. Not many ‘Foreign citizens, OCI holders or PIOs abroad carry on investment related transactions in India. The process of getting a PAN Card in India is straight forward, costs Rupees 107 [less than two dollars] if mailing address is in India and is issued in a matter of days. Non-residents may be better off to apply for a PAN directly while in India and avoid sending important documents online to third parties. To be fair, those who provide PAN Card services online to non-residents for a fee may be running a legitimate business. Many business have opened offices in several Indian cities also that offer such PAN card services to clients. For a fee of about 6 or 8 dollars [Rupees 400 to 600] they provide home service where they will even pick up the documents from your home. Before using PAN card online services from private parties be careful as to who you are dealing with, take a few minutes to read their disclaimers or terms of service if they have any posted on their website. Identity theft should not be taken lightly. As for the process of getting a PAN card in future becoming more difficult! I beg to differ, on the contrary it may become a lot easier and simpler so more people can apply. If the government wants more people to have and use Pan cards, so they can track financial transactions, discourage use of so called black money and get people to pay their share of due taxes, why would they want to make it difficult for people to get a PAN Card?
