PAN or Aadhaar required for transactions of more than 20 lakhs
Winning Bizness Desk
Mumbai. From today, ie May 26, there is going to be a change in the rules of money transactions in the bank or post office. According to the new rules, PAN and Aadhaar will be required for depositing cash of Rs 20 lakh or more in a bank or post office in a financial year.
The Central Board of Direct Taxes (CBDT) has framed new rules under the Income Tax (15th Amendment) Rules, 2022, the notification of which was issued on May 10, 2022. It is necessary to give details of PAN or Aadhar in these transactions.
What are the different situations ?
- 20 lakhs in cash deposited in one or more accounts in a banking company or a cooperative bank or any one post office in a financial year.
- 20 lakh on cash withdrawal from any one or more accounts in a banking company or a co-operative bank or a post office in a financial year.
- On opening a current account or cash credit account with a banking company, co-operative bank or post office.
- PAN card required to open current account
- Now one has to show his/her PAN card to open a current account. At the same time, people whose bank account is already linked with PAN, but they will also have to follow this rule at the time of transaction.