PAN, Aadhaar mandatory for cash deposits or withdrawals above Rs 20 lakh; details here
The onus of quoting the PAN and Aadhar details for a transaction is on customers as well as financial institutions (banks, co-operative banks and post office). More details here.
- May 11, 2022,
- Updated May 11, 2022 4:31 PM IST
Anyone depositing or withdrawing Rs 20 lakh or more from bank accounts in a financial year will have to present his/her permanent account number or PAN at the time of the transaction, as per the latest Gazette notification by the Central Board of Direct Taxes (CBDT) issued on Tuesday.
As per the new rules, PAN or Aadhaar will be compulsory in the following transactions:
1. Cash deposit or deposits aggregating to Rs 20 lakh or more in a financial year, in one or more account of a person with a banking company or a co-operative bank or a Post Office
2. Cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank or a Post Office.
3. Opening of a current account or cash credit account with a banking company or a co-operative bank or a Post Office
The onus of quoting the PAN and Aadhar details for a transaction is on customers as well as financial institutions (banks, co-operative banks and post office).
The PAN or Aadhaar number along with demographic or biometric information of an individual shall be submitted to the Principal Director General of Income-Tax (Systems) or Director General of Income-tax (Systems) with the approval of the Board, the notification stated.
Principal Director General of Income-Tax (Systems) or Director General of Income-tax (Systems) should lay down formats and standards along with procedure for authentication of PAN or Aadhaar number, it added.
Sources within the government have told India Today that those standard operating procedures (SOPs) for authentication of PAN and Aadhaar are in the pipeline.
(With inputs from Rahul Srivastava)
Anyone depositing or withdrawing Rs 20 lakh or more from bank accounts in a financial year will have to present his/her permanent account number or PAN at the time of the transaction, as per the latest Gazette notification by the Central Board of Direct Taxes (CBDT) issued on Tuesday.
As per the new rules, PAN or Aadhaar will be compulsory in the following transactions:
1. Cash deposit or deposits aggregating to Rs 20 lakh or more in a financial year, in one or more account of a person with a banking company or a co-operative bank or a Post Office
2. Cash withdrawal or withdrawals aggregating to twenty lakh rupees or more in a financial year, in one or more account of a person with a banking company or a co-operative bank or a Post Office.
3. Opening of a current account or cash credit account with a banking company or a co-operative bank or a Post Office
The onus of quoting the PAN and Aadhar details for a transaction is on customers as well as financial institutions (banks, co-operative banks and post office).
The PAN or Aadhaar number along with demographic or biometric information of an individual shall be submitted to the Principal Director General of Income-Tax (Systems) or Director General of Income-tax (Systems) with the approval of the Board, the notification stated.
Principal Director General of Income-Tax (Systems) or Director General of Income-tax (Systems) should lay down formats and standards along with procedure for authentication of PAN or Aadhaar number, it added.
Sources within the government have told India Today that those standard operating procedures (SOPs) for authentication of PAN and Aadhaar are in the pipeline.
(With inputs from Rahul Srivastava)