Page 20 - Report of RGM, RGLSI to the Grand Board of Gen. Purposes - 25 Nov 2017

10. Recommendations
With many daughter units facing issues with regard to existing Bank Accounts being frozen due to lack of PAN as per KYC norms of the Govt. of India, we request the Grand Board of General Purposes to take a decision without any further delay and formulate a guideline for Lodges to follow in applying for a PAN Card and ensure compliance of filing ITRs, etc.
We have penned the following for perusal and consideration of the Board.
Necessity for a PAN Card
In view of the issues faced by the various Lodges in opening/operating of their respective bank accounts/fixed deposits, it becomes a necessity to obtain a PAN (Permanent Account Number). Existing bank accounts are frozen until PAN is applied for and linked to the said account. New Lodges are permitted to open bank account only if they have PAN or proof of having applied is given to the bank while applying for opening bank account, thereafter only when the PAN is furnished and linked, operation of the account is permitted.
Applying for PAN for Lodges
(a) Lodges are at present applying for PAN by seeking PAN as an AOP (Association of Persons) (b) While application in form 49A the following three attachments are found suitable to ensure that there are no errors while processing the application for PAN
(i) Bye law - as proof of identity
(ii) Bank statement - as proof of address (necessary to have full correct address with pincode
and name of lodge in full)
(iii) Warrant - as proof of date of formation
It was also suggested at a recent Board Meeting of the RGLSI that a booklet containing (i) By-law (ii) Warrant copy (iii) PAN card copy be made as full and final proof which makes it a single point proof to be presented for banking operations.
Suggestions
(a) Care to be taken from the time of applying for PAN until receipt of PAN as any casualness in between will result in the process to be repeated again
(b) Ensure that while there is handover from one set of officers - the PAN card is correctly handed over to the incumbent secretary/treasurer
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