As people rush to deposit their old high currency notes in the wake demonetisation, the Income Tax Department has come up with a list of banking transactions for which quoting of Permanent Account Number (PAN) is mandatory.
The income tax department has already issued close to 25 crore PAN till date.
Currently quoting of PAN in respect of cash deposits in excess of Rs 50,000 a day is mandatory. Quoting of PAN will now also be mandatory in respect of cash deposits aggregating to Rs 2.5 lakh during the November 9, 2016, to December 30, 2016.
Here are the other banking transactions where PAN is required:
Deposit with a co-operative bank in cash exceeding Rs 50,000 a day
Purchase of bank drafts or pay orders or banker’s cheques from a bank or a co-operative bank in cash for an amount exceeding Rs 50,000 a day
For opening a deposit with a bank or a co-operative bank or a post office
Opening an account (other than a Jandhan/Basic Bank Deposit Account) with a banking company or a co-operative bank