Foreigners won't need PAN for investment in GIFT alternate investment funds

PAN requirement will no longer apply to such investors

The government has eased personal account number (PAN) requirements for foreign investors in the international financial services centre.
 
The requirement had been an impediment for category III alternative investment funds based out of the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC). The move will help foreign investors on GIFT-based exchanges, according to an expert.
 
A gazette notification on Tuesday said that Section 139A, which requires people to get PAN, would not apply to such investors.
 
“The provisions of section 139A shall not apply to a non-resident, being an eligible foreign investor, who has made