Indian expats get their Pan cards

AFTAB H. KOLA in Times of Oman

MUSCAT, May 15,2011: More than a thousand Indian expatriates in the Sultanate have availed themselves of the new Pan facility, receiving their cards right here instead of having to travel to the country for the purpose.

It may be recalled that Alankit Management Consultancy Muscat had started its operations of processing Pan cards for Indian NRIs in the year 2009.
Pan stands for a Permanent Account Number (10 digit alphanumeric number) issued by the Indian Income Tax Authority in the form of a laminated card. It can be considered as an Indian tax ID, like the SSN in the US. It's compulsory to quote the Pan account number on all investment and financial transactions like buying property, opening bank or demat accounts, applying for loans, foreign remittances, etc.

Milan Babu, marketing manager, Pan Cards, Alankit Management Consultancy, Muscat, said, "Pan card is an important document. NRIs can get the cards while residing in Oman. All they have to do is fill in and submit the application form 49A along with passport copies, a photograph and a recent bank statement copy (with the name and Omani post box number)."

Milan added: "Within 15 days the Pan (Permanent Account Number) will be allotted by NSDL and in another 2-3 days they will despatch the Pan card to the applicants' communication address as mentioned in the application form through EMS speed post, direct from NSDL-India. It will take 25 working days to reach Oman (in normal case)."

The charge for this service is RO20 per Pan card. The firm, which is officially authorised by the Income Tax Department's National Security Depositary Limited (NDSL) under the tax information network facilitation centre to process Pan cards applications, also helps in obtaining duplicate Pan cards (in case of losing original Pan cards). Milan said the charges for duplicate cards are the same and the correction application form has to be supported by the same set of documents.
Pan card is mandatory for all significant financial transactions in India. The NRI/Person of Indian Origin (PIOs) and foreign
citizens are required to comply with the mandatory requirements of producing Pan card in the following cases: opening a Demat Account, application in IPOs (Initial Public Offerings); opening a bank account in India; trading in Indian securities; sale and purchase of immovable property - registry will not be done without Pan card for transactions above Rs500,000 and the buyers and sellers should both have the Pan card; investment in Indian Mutual Funds; purchase of motor vehicle (valued more than Rs200,000); foreign travel (for the first time traveller); time deposit (fixed deposits) exceeding Rs50,000 with a bank or post office; cash deposit of Rs50,000 and above in any bank or post office; cash payment exceeding Rs25,000 for travel to any foreign country; application for installation of telephone, including cellular telephone; payment to hotel and restaurants against bills exceeding Rs25,000 at any one time.
The Pan card is mandatory above Rs1 lakh premium for life insurance policy as per IRDA and moreover, this card is a good identity card.