Pan for bank account opening

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Anil (Querist)
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16 August 2014 Subscribers to MOA of private company have agreed to invest in certain no. of equity shares. Company is incorporated. Can they open a bank account just by giving board resolution to bank to open account or do they also need to give PAN?

Note that if PAN is to be given to bank, then it will take another 2 or 3 weeks to open bank account after incorporation.

Please also let me know what is the time before which subscribers to MOA have to invest money in company after incorporation ? Please quote section, if possible.

mehulmukati

mehulmukati (Expert)
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16 August 2014 Yes PAN is mandatory to open the bank account. In addition, the bank will also require a copy of the MoA / AoA for the same.

Anil

Anil (Querist)
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16 August 2014 Dear Sir,

Thanks for your post.

This means that subscribers to MOA will not be able to invest money in the company for a period of at least 2 to 3 weeks from the date of formation of the company.

As per law What is the time before which the subscribers to MOA have to invest money in company after incorporation. Kindly quote section.

CA UMESH DULAL

CA UMESH DULAL (Expert)
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16 August 2014 Some private banks (like Kotak, Yes Bank, HDFC) will open the bank account on acknowledge of pan application in case of company.

CA UMESH DULAL

CA UMESH DULAL (Expert)
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16 August 2014 Some private banks (like Kotak, Yes Bank, HDFC) will open the bank account on acknowledge of pan application in case of company.

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Rupesh Jain

Rupesh Jain (Expert)
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16 August 2014 you can take the acknowledge the application of PAN. then now govt or PVT bank open the a/c.

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Anil

Anil (Querist)
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16 August 2014 Thanks Umesh Sir,

Kindly let me know what is the time limit AS PER ACT before which subscribers to MOA have to invest money in the form of equity which they have agreed to take up in MOA?

CA UMESH DULAL

CA UMESH DULAL (Expert)
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16 August 2014 you may deposit in bank account as soon as bank a/c is opened.

Anil

Anil (Querist)
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16 August 2014 Thanks sir.

Can you please QUOTE A SECTION from companies Act 2013 which gives time limit for investing of funds by subscribers to MOA?

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