The Central Board of Direct Taxes (CBDT) vide its notification dated 7th February, 2020 has prescribed the procedure for allotment of permanent account number through a common application form notified by the Central Government in the Official Gazette.
The Principal Director General of Income Tax (Systems) or Director General of Income-tax (Systems) shall specify the classes of persons, forms and format along with procedure for safe and secure transmission of such forms and formats in relation to furnishing of Permanent Account Number (PA1\’).
The Common Application Form shall be applicable to new Foreign Portfolio Investors for the purpose of registration, opening of bank and demat accounts and for application for PAN and the Application for allotment of PAN will be uploaded in CAF as specified by the Ministry of Finance, Department of Economic Affairs (SEBI).
After due examination and generation of FPI Registration certificate, SEBI will forward data in form 49AA to prescribed Income Tax Authority through the signature of Authorized Signatories of its Designated Depository Participants (DDPs).
Click here to read the Notification.
