SEBI withdraws PAN requirement for Sikkim investors

Gangtok, Jul 22 (UNI) The Securities and Exchange Board of India (SEBI) has exempted the mandatory requirement of obtaining a Permanent Account Number (PAN) card for all categories of investors residing in Sikkim.

The exemption was notified in a circular on July 20, Sikkim Chamber of Commerce sources here said.

SEBI had made PAN card compulsory for all categories of investors for opening and operating any Dematerialised Account in bank in Sikkim from April 1.

SEBI also notified that the existing account holders would not be able to operate the accounts if they failed to produce PAN card by September 30 next.

Considering the gravity of the situation the Sikkim Chamber of Commerce(SCC) took up the matter at the highest level with central authorities.

SCC, its President S K Sarda said that the Indian Income tax Act 1961 had not yet been implemented in the state and the state is governed by its own Income Tax Manual, 1948. It urged the authorities to withdraw the order as far as Sikkim is concerned.

Mr Sarda thanked the authorities for conceding to the appeal of the SCC and exempting people residing in Sikkim from obtaining a PAN card.

UNI BD KK SS1248