Latest News | Foreign Cos Without PAN Can Open Bank A/cs in IFSC-Gift City

New Delhi, Oct 11 (PTI) Non-residents and foreign companies opening bank accounts in IFSC Gift City will not have to furnish PAN and instead file a declaration.

The non-resident or the foreign company opening a bank account at the International Financial Services Centres (IFSC) will have to file a declaration in Form 60 and should not have any tax liabilities in India.

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The Finance Ministry has amended Income Tax Rules exempting non-residents opening a bank account from the requirement of submitting PAN.

Gujarat International Finance Tec-City (GIFT)-IFSC is being promoted as a tax-neutral enclave for the financial sector.

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Nangia Andersen LLP Partner - Financial Services Sunil Gidwani said this relaxation will make it easy for foreign companies, NRIs and other non-residents to open a bank account with an IFSC bank.

"It will boost the liability/deposits side as well as the retail business segment of a bank in IFSC," Gidwani said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)