Foreign firms without PAN can open bank A/cs in GIFT City

Non-residents and foreign companies opening bank accounts in IFSC Gift City will not have to furnish PAN and instead file a declaration. The nonresident 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 nonresidents opening a bank account from the requirement of submitting PAN. Gujarat International Finance Tec-City (GIFT)-IFSC is being promoted as a taxneutral 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 nonresidents to open a bank account with an IFSC bank.