Pan card and foreign exchanges in india
As I am 15 years I wanted to go abroad but there is one problem. I need the pan card to go abroad so that I can collect money. The question is that can I get pan card in this age and can we carry foreign currency to abroad?
Best Answer
There is no age limit for a PAN card. I would make sure however that you can use the PAN card in all your target countries.
Otherwise you can carry the equivalent of 2'000 USD in foreign currency along with you. Also, you can take 5'000 RS with you, except for Nepal and Buthan.
If you carry a lot of cash please be careful. There are recently more and more reported thefts in airplanes reported. Items are often taken out of the overhead luggage compartment when people are sleeping.
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Is PAN card mandatory for currency exchange?
Yes. It is mandatory to have Pan Card for currency purchase from Banks or other authorized dealers.Is PAN mandatory for foreign companies?
As we can see above, in case of Person Type other than IE (Individual without PAN who has submitted Form 60), HE (HUF without PAN, submitted Form 60), LE (Consular Offices) or GO (Government), mentioning PAN is mandatory to avoid validation error. Hence in case of Foreign Company, PAN is required.Is PAN card necessary for international transaction?
The Reserve Bank of India (RBI) has tightened the rules for remitting money abroad under the Liberalised Remittance Scheme (LRS) and has made PAN mandatory for anyone using this scheme. Earlier PAN was not insisted upon for putting current account transactions of up to $25,000.Is PAN card valid outside India?
A non-resident Indian ('NRI') can apply for PAN by submitting the Form No. 49A along with the requisite documents and prescribed fees at the PAN application center of UTIITSL or NSDL. He can also make an online application through the website of UTIITSL or NSDL.apply foreigner and indian for PAN Card online in india
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