Acceding to insurers’ request, sectoral regulator IRDA on Tuesday extended the deadline for collection of PAN of every customer paying an annual premium of over Rs 1 lakh by one month to September 1, 2009. “Many insurers have expressed difficulty in meeting with the deadline of 1st August, 2009… and requested for an extension. Taking the representation of the insurers into consideration, the deadline for complying with the circular is now extended to September one, 2009,” IRDA said in a circular to all insurers. The insurance watchdog in a circular last month had made it mandatory for insurers to collect permanent account numbers (PANs) of every customer paying an annual premium of over Rs 1 lakh as a part of the know your customer norms. In the circular issued today, IRDA exempted persons having only agricultural income and NRIs with no assessed income from the requirement of PANs as they are not mandatory for them under the Income Tax Act.
Source:- www.economictimes.indiatimes.com
