DBOD.No.BP.BC.110/21.02.051/98

November 18, 1998
Kartika 27, 1920 (Saka)

All Commercial Banks

Dear Sir,

transactions in relation to which permanent account no. (pan) or general index register (gir) number to be quoted in all documents- notification dated 9th october, 1998 issued in the gazette of india, extraordinary part ii, section 3 by central board of direct taxes

The Central Board of Direct Taxes, Department of Revenue, Ministry of Finance have issued Notification dated 9th October 1998 on the above subject regarding insertion of Rule 114B to 114D in the Income Tax Rules 1962 which has come into force with effect from 1st November 1998. Banks are, therefore, in supersession of the earlier instructions contained in the circular dated 12th August 1976 advised as under:

2. In terms of Rule 114B ibid, every person should quote his PAN or GIR Number in all documents pertaining, among other things, to the following transactions:

(a) A time deposit, exceeding Rs. 50,000 with a banking company to which the Banking Regulation act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in Section 51 of that Act);

(b) A contract of a value exceeding Rs. 10 lakh for sale or purchase of securities as defined in clause (h) of Section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956). c) Opening an account with a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in Section 51 of that Act).

The rule provides that a person shall quote GIR Number till such time the permanent account number is allotted.

3. The notification also provides for the following :-

(a) where a person making an application for opening an account is a minor and who does not have any income chargeable to income tax, he shall quote the permanent account number or General Index Register Number of his father or mother or guardian, as the case may be in the document pertaining to the transaction;

(b) any person who enters into any transaction specified above and who has not been allotted a permanent account number or General Index Register Number shall make a declaration in Form No. 60 (copy enclosed) giving therein the particulars of such transaction. The Form No. 60 be got printed and stocked adequately in branches for customers' convenience.

4. Further, in terms of Rule 114C ibid,

(a) those who have agricultural income and are not in receipt of any other income chargeable to Income tax would have to make a declaration in Form No. 61 (copy enclosed) in respect of the transactions referred to above and

(b) Non Residents (as specified in Clause 30 of Section 2 of the Act) shall furnish his copy of the passport in respect of any transactions referred to above.

5. The banks are therefore, advised to comply with the provisions of the above Rules 114(B), 114(C) in respect of the Income Tax Rules 1962 and also get the Form No. 60 and 61 printed and stocked adequately in branches for customers' convenience.

Yours faithfully

(C.R. Murlidharan)

General Manager

 

''Form No. 60''

[see third proviso to rule 11 4B]

From of Declaration to be filed by a person who does not have either a permanent account number or General Index Register Number and who makes payment in cash in respect of transactions specified in clauses (a) to (h) of rule 11 4B.

1. Full name and address of the declarant

2. Particulars of transaction

3. Amount of transaction

4. Are you assessed to tax? Yes/No

5. If yes,

(i) Details of Ward/Circle/Range where the last return of income was filed?

(ii) Reasons for not having permanent account number/General Index Register Number?

6. Details of the document being produced in support of address in column (1)

Verification

I, __________________________

do hereby declare that what is stated above is true to the best of my knowledge and belief.

Verified today, the __________ day of __________ 19 ____

Date _______________

Place ______________

______________________

(Signature of the declarant)

Instructions : Documents which can be produced in support of the address are :

a) Ration Card

b) Passport

c) Driving licence

d) Identity Card issued by any institution

e) Copy of the electricity bill or telephone bill showing residential address

f) Any document or communication issued by any authority of Central Government, State Government or local bodies showing residential address.

g) Any other documentary evidence in support of his address given in the declaration

 

''Form No. 61''

[see proviso to clause (a) of rule 114C]

Form of Declaration to be filed by a person who has agricultural income and is not in receipt of any other income chargeable to income tax in respect of transactions specified in clauses 9a) to (h) of rule 114B.

1. Full name and address of the declarant

2. Particulars of transaction

3. Details of documents being produced

in support of address in column (1) Yes/No

I hereby declare that my source of income is from agriculture and I am not required to pay income tax on any other income if any.

Date _______________

Place ______________

______________________

(Signature of the declarant)

Verification

I, __________________________________________________________________ do hereby declare that what is stated above is true to the best of my knowledge and belief.

Verified today, the __________ day of __________ 19 ____

Place ______________

______________________

(Signature of the declarant)

Instructions : Documents which can be produced in support of the address are :

a) Ration Card

b) Passport

c) Driving licence

d) Identity Card issued by any institution

e) Copy of the electricity bill or telephone bill showing residential address

f) Any document or communication issued by any authority of Central Government, State Government or local bodies showing residential address.

g) Any other documentary evidence in support of his address given in the declaration