How Can NRIs Apply for PAN Card and Deal in Securities and Property in India

Can NRIs apply for PAN Card?-Permanent Account Number or PAN card is mandatory not only for Indians and Indian residents, but for Non- Resident Indians (NRIs) who wish to carry out any investment related financial transactions which include investments in securities such as Mutual funds, real estate property or earn incomes over and above taxable limits.

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Who is Considered a Non Resident Indian For PAN Card Application

PAN card has a 10- Digit alphanumeric code, which also acts as an identity card. As Securities and Exchange Board makes it mandatory for NRIs to have a PAN card for investing in the financial markets, it is important to understand the term NRI, itself.

For applying a PAN card, an NRI includes

Any foreign Citizen, not an Indian

Indian citizen living outside of the country, when making the application for a PAN card

Legal Individuals such as Companies, trusts, firms not Indian citizens with no offices in India

All the above-mentioned applicants, except Indian citizens residing out of India who are required to fill in form 49A, will have to fill in a special form 49AA.

Pan Card Online Application by NRI

For the convenience of applicants, the National Securities Depositary Limited, (NSDL e-Governance) team responsible for processing PAN Card applications has set up a web based application system to facilitate online filling of form and applying from anywhere. You can find more information, and the application form https://tin.tin.nsdl.com/pan/form49Adsc.html. Alternatively, you can apply at your nearest TIN facilitation center.

PAN card Fee and Mode of Payment by NRIs

For NRIs, applying from outside the country the fee payable would be INR 994.00, which includes application fee of INR 93.00 in addition to the dispatch charges of INR 771.00 plus an additional 15% service tax. The fee can be paid using a credit or debit card, Net Banking; a demand draft drawn in favor of NSDL – PAN payable at Mumbai.

Supporting Documents to be attached along with Application for PAN Card by NRIs

NRIs will have to submit proof of their Identity and address, by attaching a copy of their Passport, and attach two passport-sized photographs. Foreign citizens applying for PAN card with an Indian address will have to show such address proofs.

An NRI applicant who has Indian employer, must submit copy of the contract or appointment letter signed by the employer on their letterhead, along with the Indian address of such company. The appointment letter should be on the company’s letterhead, along with the employer tax numbers, etc.

In addition, foreigner with a dual citizenship should submit a copy of Person of India origin certificate issues by The government of India; copy of the Tax Payer identification attested by the authorized official in the Indian embassy where the applicant resides.

A copy of the bank account in the country of residence of the applicant and a copy of the NRE bank statement from the Indian bank the applicant has an account.

Also Read- Rules for NRIs selling property in India

Tracking Application for PAN Card by NRI

Once the Application with the required documents is submitted, the applicant would get a 15 – digit acknowledgment number for tracking the application on the NSDL website.

You can also contact them via toll free number: 1 800 220 306 or utiitsl.gsd@utiitsl.com