I understand that if for some reason an NRI is not able to provide PAN Card by Sept. 30, 2006 for existing DEMAT accounts, these accounts will be frozen. Can someone address this scenario, which raises following questions?
(1) Does frozen means confiscation of assets in DEMAT account?
(2) Does this mean that whenever the PAN card is produced, the accounts can be operated normally i.e. un-frozen and restored to its previous status?
(3) Will there be any penalties for being late and how much?
(4) Can one simply liquidate the account after it is frozen? i.e. sell all the shares and take the proceeds in local account where the dividends are deposited.
I will appreciate your answers to these questions. Thanks
Sam
(1) Does frozen means confiscation of assets in DEMAT account?
(2) Does this mean that whenever the PAN card is produced, the accounts can be operated normally i.e. un-frozen and restored to its previous status?
(3) Will there be any penalties for being late and how much?
(4) Can one simply liquidate the account after it is frozen? i.e. sell all the shares and take the proceeds in local account where the dividends are deposited.
I will appreciate your answers to these questions. Thanks
Sam