Foreign companies without PAN can open bank account in IFSC-Gift City | Mint
Active Stocks
Wed Feb 21 2024 11:36:31
  1. Tata Steel share price
  2. 145.60 3.23%
  1. Bharti Airtel share price
  2. 1,155.50 0.99%
  1. State Bank Of India share price
  2. 764.20 0.54%
  1. Power Grid Corporation Of India share price
  2. 283.00 -1.72%
  1. ITC share price
  2. 407.60 0.38%
Business News/ Companies / News/  Foreign companies without PAN can open bank account in IFSC-Gift City
BackBack

Foreign companies without PAN can open bank account in IFSC-Gift City

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

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

 

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.

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. 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. 

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 11 Oct 2023, 11:58 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App