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OCI holder applying for PAN Card in India

OCI holder applying for PAN Card in India

 

Difference between Indian and Foreigner PAN Card Application Forms

There are now two types of PAN card application forms. Form 49A which is for Indian citizens and Form 49AA which is for foreigners. All Persons of Indian origin (PIO) who have acquired foreign citizenship, must apply for PAN card using the application form for foreigners, i.e. Form 49AA. Hence, even OCI holders, living in India, should apply for a PAN using Form 49AA and not Form 49A. This is because, even OCI holders are actually foreigners. There appears to be only a minor differences in the two PAN card application forms. I find that up to question number 11, both PAN application forms are the same. Some of the other differences are shown below:        

  

FORM 49AA ( PAN Card Application form for Foreign Citizens) • No change up to question number 11. • In question number 12, the provision to select country of citizenship and telephone area code is provided • In question number 15, selection of documents now shows a list of documents acceptable as proof of address and identity from foreign citizens. • Question 16 on Form 49AA does not apply to you if you are a person of Indian origin and applying for a PAN card for your self as a individual. This section applies to a Foreign Institutional Investor or a Qualified Foreign Investor

 

Since OCI holders are still foreigners and not Indian citizens, you need to apply for a PAN card using the PAN application form applicable to foreigners.  

 You can use the PAN card for transactions in India such as opening bank accounts, depositing more than Rupees 50,000 etc. 

 Each individual can have only one PAN card, so where ever a PAN is required they can use it. However, you cannot do direct online transactions in the secondary market from USA if you have a non-resident demat account. Buying and selling is done through your designated broker. 

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Location: United States

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