GOVERNMENT OF NATIONAL CAPITAL TERRITORY
DEPARTMENT OF TRADE & TAKES
VYAPAR BHAWAN : I.P.ESTATE: NEW DELHI -110 002
No.F.3(375)/Policy/VAT/13 /923-926 Dated: 25.10.2013
It is to inform that, the dealers, while applying for new registration with the Department of Trade & Taxes, are required to provide the details of the main bank account as a mandatory provision. It has been brought to our notice that some banks are insisting on provision of TIN details as a pre¬requisite for opening the current account for the new dealers though the condition of Registration Number/TIN has not been laid down by RBI as part of KYC norms.
It is informed that the department issues Registration No./TIN to the dealer only after he gives the details of the bank account in the Registration application in Form DVAT-04. Further, in cases where the annual turnover of a business is less than or equal to Rs.20 lakhs and dealer deals only in intra-Delhi business activities, the registration with the VAT Department is not even mandatory and hence no TIN gets issued to such businesses. Even, such dealers can open current account in the bank.
It is, therefore, requested that the dealers, who are applying for new registration with this department, may not be insisted for the provision of TIN details for opening current account in your bank. This would help promote trade and commerce in this country.
Yours faithfully,
No.F.3(375)/Policy/VAT/13 /923-926
Copy to : (SANJEEV AHUJA)
SPL. COMMISSIONER (POLICY)
