PAN Allotment only after verifying documents with Original

DIRECTORATE OF INCOME TAX (SYSTEMS)
ARA Centre, Ground Floor, E-2, Jhandewalan Extension, New Delhi-110055
F.No: oPAN/1/3/2003/Part     Dated: 24.1.2014

Sub: Change in procedure for PAN allotment.

1. The fee for processing a PAN application shall be Rs 105/- (inclusive of all taxes).

2. Subsequent to notification S.O.No 3794(E) dt 23.12.2013, the procedure for PAN allotment process will undergo a change w.e.f. 03.02.2014.

2.1 From 03.02.2014 onwards, every PAN applicant has to submit self-attested copies of Proof of Indentify (POI), Proof of Address (POA) and Date of Birth (DOB) documents and also produce original documents of such POI/POA/DOB documents for verification at the counter of PAN facilitation centers. List of documents of POI/POA/DOB is given in the Instructions part of Form 49A/49AA.

2.2 The copies of Proof of Identity (POI), Proof of Address (POA) and Date of Birth (DOB) documents attached with PAN application form, will be verified vis a vis their original documents at the time of submission of PAN application at PAN facilitation Centres.

2.3 Original documents shall not be retained by the PAN Facilitation Centres and will be returned back to the applicant after verification.

Sd/-
(N.J. Singh)
Joint Director of Income Tax (Systems)-I, New Delhi

5 Things to know about your currency

B S Akshat Kaushal  

January 25, 2014 Last Updated at 20:36 IST

Interesting facts about India's coins and banknotes

As the Reserve Bank of India (RBI) orders withdrawal of all banknotes issued before 2005, Business Standard lists five things you might want to know about the Indian currency:

When was the first note issued in India?
The process of issuing paper currency was started in the 18th century. Private banks such as – the Bank of Bengal, the Bank of Bombay, and the Bank of Madras – first printed paper money. It was only after the Paper Currency Act of 1861 that the government of India was given the monopoly to print currency.

The government of India printed currency until the RBI was established in 1935, which then took up this responsibility.

In 1938, India was printing banknotes of Rs 10,000 denominations!

The Rs 5-note was the first paper currency issued by RBI in January 1938. It had the portrait of George VI. Within the same year, currency notes of Rs 10; Rs 100; Rs 1,000; and Rs 10,000 were issued.

In 1946, Rs 1,000 and Rs 10,000 notes were demonetised to curb unaccounted money. These were then reintroduced in 1954 (this time Rs 5,000 note was also printed), only to be withdrawn in 1978 again.

Can the RBI publish notes of any denomination it wants?
At present, notes of Rs 10; Rs 100; Rs 500; and Rs 1,000 are only printed. The printing of Re 1, Rs 2 and Rs 5 has been stopped as these have been coinised.

However, the RBI has the powers to print currency notes of up to Rs 10,000 denomination. But, an amendment to the Reserve Bank of India Act, 1934 will be needed if any note of higher denomination has to be printed.

Who decides how many notes are to be printed?
How many notes are to be published is decided by the RBI. The RBI factors in inflation, GDP growth, replacement of soiled banknotes and reserve stock requirements, before deciding on how many notes are required.

What about the coins?
Minting of coins is the responsibility of the government of India, and not of the RBI. For this reason, the Re 1 note has the signature of the Finance Secretary to the government of India. This has been so because when the one rupee note was reintroduced as a war time measure in 1940, it was issued by the government of India with the status of a coin. Government of India continued to issue Rupee one notes till 1994.

A Rupee coin (Re 1 and above) can be used to pay/settle any amount sum, However, 50 paise coin cannot be used to pay/settle any amount above Rs 10.

Coins of up to Rs 1,000 denominations can be minted.
 
Source: RBI

Banks gear up for pre-2005 note exchange rush :Good initiative .... it will help remove fake currency which are in circulation,

Banks are gearing up to meet the expected customer rush for exchanging currencies after the Reserve Bank's decision to phase out notes issued prior to 2005.

"There will be some pressure, but we are confident that we will handle it. We have cash depositing machines in large numbers which will help ease pressure. By end of February, we will around have 1,000 cash depositing machines," State Bank of India Deputy Managing Director P K Malhotra told PTI.

This is a good initiative as it will help remove fake currency which are in circulation, he said, adding that notes which are printed after 2005 have more security features.

According to Oriental Bank of Commerce CMD S L Bansal, the bank will adhere to all the directions of the Reserve Bank of India (RBI) regarding withdrawal of notes.

"I don't feel there would be a great rush for exchange of notes because most of such currency would be out of system," he said, adding that generally notes have shelf life of 10 years only.

A senior official of Punjab National Bank said their branches are fully geared up to meet the rush forcurrency exchange.

The Reserve Bank on January 22 decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations, after March 31 in a move apparently aimed at curbing black money and fake currencies.

The public are required to approach banks for exchanging these notes.

The RBI had also said the volume of such notes that were being withdrawn from circulation was not significant.

The removal of older currency notes from circulation is a standard international practice, RBI had said.

From July 1, 2014, persons seeking exchange of more than 10 pieces of Rs 500 and Rs 1,000 notes will have to furnish proof of identity and residence to the bank.

The notes printed prior to 2005 will continue to be legal tender even after July 1. Any number of these old series notes can be exchanged by people at bank branches where they have accounts, RBI had said.

As per RBI data, 7,351 crore pieces of currency notes were in circulation on March 31, 2013. Of this, 14.6 per cent were Rs 500 notes and 5.9 per cent were Rs 1,000 notes.

 B S  Press Trust of India  |  New Delhi/Mumbai  

January 26, 2014 Last Updated at 09:05 IST

Go Ahead :Go Ahead...you will be able to breeze through and find solution for your problems that stare you at your face

Go Ahead...you will be able to breeze through and
find solution  for your problems that stare you at your face

The Spirit of J R D Tata : 'Not excellence. Perfection. You aim for perfection, you will attain excellence. If you aim for excellence, you will go lower.

Quotes :

 'Not excellence. Perfection.

 You aim for perfection, you will attain excellence. 

  If you aim for excellence, you will go lower.


The Life and Times of  J  R  D  Tata  :

Professionalism

JRD's respect for his managers bound the group. 'I am a firm believer that the disintegration of the Tata Group is impossible,' he once declared.

Most business groups have disintegrated or drifted apart because of family ownership and management, with rival family members wanting to go their own way. In contrast, the Tata Group companies are run by professionals who firmly believe in the trusteeship concept laid down by J N Tata as also by Mahatma Gandhi.

A university dropout, JRD was something of a self-taught technocrat, and died long before the phrase 'war for talent' was coined. Yet, almost every senior Tata director from the 1930s onwards held a degree from a foreign university. Tata willingly financed bright young boys who wanted to go abroad for further education.

He was also a vital bridge between the scientific establishment and the government through his founding of the Tata Institute of Fundamental Research, and as the longest serving member of the Atomic Energy Commission.

J R D Tata in his own words :

• I wish, I were big enough, like Einstein, to do what he did on one occasion. A hundred-dollar-a-plate dinner was organised for him to speak, and leaders of America in all fields, particularly in the field of science, were invited to hear the great man. When his turn came, he rose and said:'I've nothing to say,' and sat down. You can imagine the consternation, quite apart from the wasted cost of the dinner! Realising the frightful effect his remarks had on the audience, Einstein got up again and said: 'When I've something to say, I'll let you know.' 
• Address to the Lions Club of Jamshedpur, August 22, 1963.