To
All Market Participants,
Subject: Amendment in Income Tax Rules, 1962, with respect to the Permanent Account Number not required for opening a bank account in an IFSC Banking Unit.
The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, vide a notification dated October 10, 2023, has made amendments to the Income-tax Rules, 1962, which now mentions that foreign entities and non-resident Indians, not having any other taxable income in India, do not require a Permanent Account Number for opening a bank account in an IFSC Banking Unit. A copy of the said notification is enclosed as an annexure.
Market participants of IIBX are requested to take note of the above.
For any clarifications, kindly contact:
|
Sr. No.
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Official Name
|
Phone
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Email
|
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1
|
Mr. Puneet Kanwar
|
+91 79 6969 7129
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puneet.kanwar@iibx.co.in
|
|
2
|
Mr. Rishabh Shukla
|
+91 79 6969 7130
|
rishabh.shukla@iibx.co.in
|
|
3
|
Mr. Karan Ashar
|
+91 79 6969 7112
|
karan.ashar@iibx.co.in
|
For and on behalf of India International Bullion Exchange IFSC Limited
Kirty Pareek
Compliance Officer
Contact No: +91 79 6969 7106
Email:
kirty.pareek@iibx.co.in