F. No. Pro DGIT(S)I ADG(S)-1/FPI/04/20 19-201Part
Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income-tax (Systems)
New Delhi 7th of February 2020
Subject: Procedure of PAN allotment through Common Application Form (CAF) along with registration of Foreign Portfolio Investors (FPls) with SEBl under Department of Economic Affairs and KYC for opening Bank and Demat Account.
Proviso to sub-rule (1) to rule 114 of Income Tax Rules, 1962 notified vide notification G.S.R. No. I 17(E) dated 9/02/2017, states that:
“an applicant may apply for allotment of permanent account number through a common application form notified by the Central Government in thc Official Gazette, and the Principal Director General of Income
Tax (Systems) or Director General of Income-tax (Systems) sha ll specify the classes of persons, forms and format along with procedure for safe and secure transmission of such forms and formats in relation to
furnishing of Permanent Account Number (PA1\’)”.
- A Common Application Form (CAl’) for the purpose of registration, opening of bank and demat accounts and application for Permanent Account Number (PAN) has been notified for the Foreign
Portfolio Investors (FPls) in India by the Ministry of Finance, Department of Economic Affairs (SEBf) vide notification F. No. 411 5/2016-ECB, dated 27101 /2020.
3. In exercise of the powers delegated by the Central Board of Direct Taxes vide notification G.S.R. No. 117(10) dated 9/02/2017, the Principal Director General of Income-tax (Systcms) lays down the classes of persons, forms, fonnat and procedurc for Permancnt Account Number (PAN) as undcr:
|1||Classes of persons to which Common Application Forma (CAF) will apply||New Foreign Ponfolio investors (FPls)|
|2||Applicable form||Common Application Form (CAF) for Forcign Portfolio Investors (FPls) of|
Ministry of Financc, Dcpartmcnt of Economic Affairs (SEB!) notified vidc
notification F. No. 4115 /20 16-ECB, dated 27/01 /2020.
|3||Procedure||Application for allotment of Permanent Account Number (PAN) will be|
uploaded in CAl’ as specified by the Ministry of Finance, Department of
Economic Affairs (SEB!). After due examination and generation of FPI
Registration certificate, SEB! will forward data in form 49AA to
prescribcd Income Tax Authority through the signature of Authorised
Signatories of its Designated Depository Participants (OOPs).
(Su brata Kumar Dash)
Pro Director General of Income-tax (Systems)