PACL Refund: Did you make investment in the name of your children? Do this to get money

In a piece of good news and major relief to PACL investors, the deadline to submit claims has been extended till July 31. Now, investors of PACL can submit their applications seeking claims till July 31, with RM Lodha committee extending the deadline. Earlier, the deadline for submitting applications was to end on April 30. However, some PACL investors who deposited money in the name of their children are still confused about what to do. So, here is the answer for them:-

Q: The investment is in the name of minor who does not have a PAN Card. What needs to be done in that case?

A: The documentary proofs as prescribed have to be submitted with the claim application, for the said claim application to be a valid application. Hence, you need to apply for a PAN Card in the name of the minor. The Income Tax Department has not mentioned an age limit for availing a PAN card, which means that even minors are eligible to apply for it.

In February this year, the committee decided to receive claims from all investors having outstanding claims with PACL after it completed the process of refunding to the investors whose total outstanding amount was up to Rs 2,500.

The committee headed by retired Justice R M Lodha was set up by Sebi following a Supreme Court order for selling the properties of PACL and using the sale proceeds to refund the investors.

The ruling came after it was found that PACL had illegally collected around Rs 60,000 crore from the public, mainly in the name of agriculture and real estate businesses and the firm failed to refund the investors.