Notification No. 11/2020

Procedure of PAN allotment through common application form caf along with registration of foreign portfolio investors fpis with sebl under department of economic affairs and KYC for opening bank and demat account

What this is

Notification No. 11/2020 was published on 7 February 2020. Its subject is Procedure of PAN allotment through common application form caf along with registration of foreign portfolio investors fpis with sebl under department of economic affairs and KYC for opening bank and demat account.

This amends the Income-tax Rules. What it changes is the Rules, not the Act — and a rule can never take away what the section gives.

What it does

The Principal Director General of Income-tax (Systems), exercising the power delegated by the Central Board of Direct Taxes and referred to in the proviso to sub-rule (1) of rule 114 of the Income-tax Rules, 1962, lays down the classes of persons, the form, the format and the procedure for allotment of a permanent account number through the Common Application Form. The Common Application Form applies to new Foreign Portfolio Investors, and is the form notified for them by the Ministry of Finance, Department of Economic Affairs. Under the procedure, the application for allotment of the permanent account number is uploaded in the Common Application Form as specified by that Department, and after examination and generation of the Foreign Portfolio Investor registration certificate, the Securities and Exchange Board of India forwards the data in Form 49AA to the prescribed income-tax authority through the signature of the authorised signatories of its Designated Depository Participants.

Who it reaches

New Foreign Portfolio Investors applying for registration and a permanent account number
Designated Depository Participants whose authorised signatories transmit the data
The Securities and Exchange Board of India forwarding the applications
The Directorate of Income-tax (Systems) receiving and processing them

The instrument, as the Board published it

The department publishes this one only as a PDF, so the words below were read out of that PDF by machine. That reading can carry its own mistakes — a misread number, a broken line. Check the signed document before you rely on a figure in it.

F. No. Pro DGIT(S)I ADG(S)-1/FPI/04/20 19-201Part
Government of Indi a
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income-tax (Systems)
Notification 11. __ of2020.
~ New DeIhl" of February, 2020;
Subject: Procedure of PAN allotment through Common Application Form (CAF) along with registration of Foreign Portfolio Investors (FPls) with SEBl under Department of Economic Affairs and KYC for opening Bank and Demat Account.

Proviso to sub-rule (1) to rule 114 of Income Tax Rules, 1962 notified vide notification G.S.R. No. I 17(E) dated 9/02/2017, states that:
"an applicant may apply for allotment of permanent account number through a common application form notified by the Central Government in thc Official Gazette, and the Principal Director General of Income Tax (Systems) or Director General of Income-tax (Systems) sha ll specify the classes of persons, forms and format along with procedure for safe and secure transmission of such forms and formats in relation to furnishin g of Permanent Account Number (PA1\')".

2. A Common Application Form (CAl') for the purpose of registration, opening of bank and demat accounts and application for Permanent Account Number (PAN) has been notified for the Foreign Portfolio Investors (FPls) in India by the Ministry of Finance, Department of Economic Affairs (SEBf) vide notification F. No. 411 5/2016-ECB, dated 27101 /2020.

3. In exercise of the powers delegated by the Central Board of Direct Taxes vide notification G.S.R. No. 117(10) dated 9/02/2017, the Principal Director General of Income-tax (Systcms) lays down the classes of persons, forms, fonnat and procedurc for Permancnt Account Number (PAN) as undcr:

S. Particulars
No.
I. Classes of persons to New Foreign Ponfolio investors (FPls)
which Common
Application Forma
(CAF) will apply

2. Applicable form Common Application Form (CAF) for Forcign Portfolio Investors (FPls) of Ministry of Financc, Dcpartmcnt of Economic Affairs (SEB!) notified vidc notification F. No. 4115 /20 16-ECB, dated 27/01 /2020.

3. Procedure Application for allotment of Permanent Account Number (PAN) will be uploaded in CAl' as specified by the Ministry of Finance, Department of Economic Affairs (SEB!). After due examination and generation of FPI Registration certificate, SEB! will forward data in form 49AA to prescribcd Income Tax Authority through the signature of Authorised Signatories of its Designated Depository Participants (OOPs).

4. Format

--- Xml -
(Su brata Kumar Dash)
Pro Director General of Income-tax (Systems)
New Delhi.

Copy to:
I. Chaimlan and Mcmbers, CEDT, North Block, New Delhi.
2. All Chief Commissioners/Director General of Income-tax - with a request to circulate amongst all officers in their rcgions/chargcs.
3. Web Managcr, "incomctaxindia.gov.in" for hosting on the websitc.
4. Database ccll for uploading on www.irsofficersonline.gov.in and in DGIT (S) comer.
5. ITEA publisher for uploading on /TEA portal.
6. Department of Economic Affairs/SEEL
7. Guard file.
(Decpika Mitta l)
Add!. DGlT (Systems)-\
New Delhi.

What it changes

The rule numbers are the 1962 Rules’ own, as the notification names them. The right-hand column is the department’s own mapping into the Income-tax Rules, 2026, which renumbered nearly everything.

Rule of the 1962 Rules	Now, in the 2026 Rules
Rule 114	rule 158, rule 245

Forms it touches. Form No. 49AA

What to watch

The procedure applies to new Foreign Portfolio Investors only; other applicants continue under the ordinary route.
The permanent account number application is not filed with the income-tax authority directly but travels through the Common Application Form and reaches it as data in Form 49AA.
The document's format entry is effectively blank in the extract, showing only a stray reference to XML, so the prescribed format must be taken from the signed notification.
The extract is heavily damaged in the header: the notification number and date are not legible, and the file and gazette references are mis-rendered, so the citation should be verified against the original.

Where you meet it

When a Foreign Portfolio Investor registers with the Securities and Exchange Board of India and obtains a permanent account number, and when opening its bank and demat accounts.

What it names

Rules it names. Rule 114 of the Income-tax Rules, 1962. The 1962 Rules were replaced by the Income-tax Rules, 2026, which renumbered nearly everything: a rule number quoted here almost never means the same rule today.

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.