Why do NRIs need a PAN card?

Why do NRIs need a PAN card?

For NRIs, PAN card is important to carry out transactions in India. If you want to invest in stocks PAN card number is mandatory. NRIs are also required to pay tax on income from their investments in India.

Importance –

IT Returns Filing: All individuals that earn above 2.5 lakhs in salary are expected to pay Income tax that is file their IT returns.

Opening a bank account: Whether it is a savings account or a current account a PAN card is required to open the account. All banks, whether public, private or co-operative, require the submission of a PAN card for them to be able to open an account for the individual.

Making investments: For any transactions amounting to or above INR 50,000 it is mandatory to submit your PAN card. This applies to all kinds of investments be it equities, mutual funds,bonds or debentures.

Foreign Exchange: When you travel and require forex (foreign exchange) the bank/ money bureau/ institution need your PAN card  for the conversion of Indian currency into foreign currency.

Property: Whether you want to Buy, sell or rent property in India a PAN card is a mandatory proof. In the event of buying of property, the PAN details of the buyer and seller have to be mentioned on the sales deed and any other such documentation for the sale to be valid.

Reference : www.pancardseva.co.in 

 

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