Applicability of PAN requirement for Foreign Nationals. (General Circular No.16/2014)

General Circular No.16/2014

F.No.1/12/2013 CL-V

Ministry of Corporate Affairs

Government of lndia

"A" Wing, 5th Floor, Shastri Bhawan,

Dr. Rajendra Prasad Road, New Delhi 110001

Dated: 10.06.2014

To

All Regional Directors

All Registrar of Companies,

All Stakeholders.

Sub: Applicability of PAN requirement for Foreign Nationals

Sir,

In continuation of the General Circular No. 12/2014 dated 22.05.2014 regards the above subject, it is clarified that the provisions of the said Circular are applicable to a Foreign National who is a subscriber/promoter at the time of incorporation of the Company.

2. In case the said subscriber/promoter, does not possess Permanent Account Number (PAN), he/she shall furnish a declaration in the prescribed proforma, as an attachment to the Incorporation Form (INC-7).

3. Further, it is clarified that, in case of a Resident Director of the proposed company he/she shall be required to submit PAN details at the time of incorporation.

4. This issue with the approval of the Competent Authority.

Encl- Undertaking

Yours faithfully,

(Sanjay Kumar Gupta)

Deputy Director

PPS to Secretary

PPS to Additional Secretary

PPS to JS(B)/JS(M)/DII(UCN)/DII(BNH)/DII(RCM)

PS to Dir(AB)

Undertaking

I_________(name)______, son of____________ (father's name)_____, citizen of _____(nationality_____ R/o________(Address)______ having passport No.________(passport Number]_______ hereby declare as under:

(i) That I am not required to obtain Income Tax Permanent Account Number (PAN) under the provisions of Income Tax Act, 1961

(ii) That in view of the above I have not been issued any PAN; and

(iii) That I undertake to furnish to the Registrar of Companies (mention jurisdiction) details of my PAN as soon as a Permanent Account Number is

issued to me

Date:

Place:

Signature

(Name of Person)