Change in pan no. of proprietorship bank account

Kani (Querist) 21 July 2021 This query is : Resolved
I have given general POA for transaction of all business, opening & operating of bank accounts, payment of gst & taxes etc. for my proprietorship firm. In my case, I have a bank account with a national bank and would like to change the PAN number associated with my proprietorship firm bank account to the PAN number of my attorney. However, bank is not accepting. Kindly advise whether the PAN number connected with the firm bank account can be changed to my POA holder's PAN no.?

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A proprietor granted a general Power of Attorney (POA) for their business wants to change the PAN number linked to their proprietorship firm's bank account from their own to their attorney's. The bank is refusing this change, stating the POA holder cannot substitute the principal. While both proprietor and attorney are willing to apply, the bank maintains its stance. Professional legal advice is recommended due to the complexities involved.

kavksatyanarayana (Expert) 21 July 2021
No. In my view, the application for the change of Pan number shall be submitted by the proprietor.

Kani (Querist) 21 July 2021
Both me (the proprietor) and / or my attorney is ready to submit application for substituting my Pan number in the proprietorship firm's bank account to that of my attorney's Pan number. It is only the bank who is not willing to change the Pan number from mine to my attorney

Dr J C Vashista (Expert) 22 July 2021
1. Commercial query.
2. Facts posted are incomplete which involve few other questions such as why PoA has been appointed in a proprietary firm, the firm and proprietor have same account and operator of the account and other related queries.
3. It is better to consult and engage a local prudent lawyer for appreciation of facts/ documents, professional advise and necessary proceeding.

P. Venu (Expert) 22 July 2021
The bank is correct in their stand. PoA is not a substitute for the Principal, the former is a mere agent.

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