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#1
19th March 2008, 12:35 PM
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PAN card for a Joint Demat Account
As per a recent directive, Demat account holders are required to furnish their PAN card copy, for the Demat Account to be operational.
Please let me know that for a Joint Demat Account, if the second account holder has now changed his/her status to an NRI status, does he/she still need to produce the PAN card copy. The first account holder is a resident of India and is ready to produce his/her PAN card copy. As per the Income Tax rules, the following categories of persons are not required to obtain or quote PAN: 1. Persons having only agricultural income and do not have any taxable income. Such persons will file a declaration (Form 61) in respect of transactions where quoting of PAN is mandatory; 2. Non-residents; 3. Central Government, State Governments and Consular Offices in transactions in which they are the payers Please note point number 2, where NRIs are not required to have a PAN card. Please let me know if i still have to produce a PAN card copy for the second account holder. 
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