MCA issued Circular No. 16/2014 dated 10.06.2014 which reads as follows:
In continuation of the General Circular No. 12/2014 dated 22.05.2014 regards the above subject, it is clarified that the provisions of the said Circular
are applicable to a Foreign National who is a subscriber/promoter at the time of incorporation of the Company.
In case the said subscriber/promoter, does not possess Permanent Account Number (PAN), he/she shall furnish a declaration in the prescribed proforma, as an attachment to the Incorporation Form (FORM NO. INC-7)
Further, it is clarified that, in case of a Resident Director of the proposed company he/ she shall be required to submit PAN details at the time of incorporation.