Corporate Updates 12 June 2014


MCA has clarified that the provisions of General Circular No. 12/2014 dated 22.05.2014 regarding Applicability of PAN requirement for Foreign Nationals, that if Foreign Nationals does not possess Permanent Account Number (PAN), he/she shall furnish a declaration in the prescribed proforma, as an attachment to the Incorporation Form (INC-7). Further, it is clarified that, in case of a Resident Director of the proposed company he/she shall be required to submit PAN details at the time of incorporation. To view & download the circular, please Click Here.


Reserve Bank on the basis of representations / references from various stakeholders especially migrant workers, transferred employees, etc. regarding problems faced in submitting a proof of current / permanent address while opening a bank account has now decided to simplify the requirement of submission of ‘proof of address’ and henceforth, customers may submit only one documentary proof of address (either current or permanent) while opening a bank account or while undergoing periodic updation. In case the address mentioned as per ‘proof of address’ undergoes a change, fresh proof of address may be submitted to the branch within a period of six months. To view & download the circular, please Click Here.

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