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Why a NRI must have a PAN card?

Have you wondered why every bank asks you to fill in your PAN (Permanent Account Number) when opening an account, applying for Electronic clearing system facility (ECS), remitting funds abroad using a form 15b and for virtually everything? Even though you may have one or thinking of owning one, you would not fully understand how the PAN has brought about a paradigm shift in the banking system of India.

It has definitely grown in importance, relevance, and adoption over the years. Ten years down the line, everyone in the country will have a PAN. Now there are very less number of banks that conduct financial transactions without this number.

This number is allotted by the Income Tax Department of India. Every individual residing in India or an Indian citizen is authorized to have only one PAN. The Income Tax Department till recently was only encouraging people to get their permanent account numbers. But now it has become very much mandatory.

Who can apply for a permanent account number?

Any Indian citizen with a source of income can apply for a PAN. If the income of a person exceeds Rs.500, 000 then a PAN is mandatory. However it does not mean that a person with lesser income cannot apply. In fact anyone with a source of income can apply.

Minors can also apply for this number along with the people who have reached eighteen years of age. The PAN is not restricted by geography. Offering the facility to non-resident Indians, the PAN is open to anyone who is of Indian nationality anywhere in the world.

Mandatory places to quote the PAN

Importers, exporters are purveyed by the Central Excise Rules, Service Tax Rules, Central Sales Tax Act to name a few of the number of excise laws. Such trading parties are mandated to conduct all financial transactions through PAN.

Any interaction with the Income Tax Department should be through the PAN. Financial interactions such as supplying quarterly statements or challans require this number.

The following are some of the situations where you would furnish your PAN.

  • If you buy or sell property worth more than Rs.500,000/- you need to compulsorily furnish your PAN. If your property is joint-ownership, then PAN of both owners should be mentioned. A typical document you would mention this number during a property transaction is the sale deed.

  • When you buy or sell your car. Your car should have an engine capacity of more than 25CC to fulfill this condition. You don’t need to do it for your two-wheeler or three-wheeler vehicle.

  • When you place Rs.50,000 or more as fixed deposit for a particular period of time in a bank or post-office savings bank. However, furnishing of PAN is not important for post-office NSC (National Savings Certificates).

  • Sale or purchase of shares, bonds, debentures and other such securities exceeding Rs.100,000 in value.

  • Financial transactions in excess of Rs.50,000 on a given day.

  • When you apply for a telephone or cellular connection.

  • When you open a bank account.

  • When you pay Rs.50,000 or more to a mutual fund to purchase fund-units.

  • When you purchase shares of a company.

  • When you buy bonds issued by RBI.

  • Minors wanting to deposit money in excess of Rs.50,000 should furnish PAN of parent or guardian.

  • And many more transaction and situations.

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So sweet of you guys to answer all my questions. I wanted to know whether it is compulsory requirement for a NRI to apply for a PAN card. Your staff was nice to me. Thanks.
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I wish your team the very good luck. Its impressive how you people have compiled all the necessary information about PAN and why is it needed. Nice work.
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