PAN Now compulsory for transactions in THESE banks, Check Details here

The PAN (Permanent Account Number) has now been made compulsory in several bank transactions by the CBDT (Central Board of Direct Taxed). This decision was taken to monitor the economic activities more closely.

According to a Mint report, the person who intends to make big transactions then they must apply for the PAN cards at least 7 days before doing the transaction.

Which transactions will need a PAN card?

• Cash Deposits or Withdrawals for over Rs 20 lakh in 1 FY (financial year). This applies to banks, co-operatives and post offices.
• The Rs 20 lakh will be considered as an aggregate of all the deposits and withdrawals done in a year.
• When citizens deposit or withdraw Rs 20 lakh in the form of deposits or withdrawals less than Rs 50,000, they will have to produce their PAN card.
• A PAN card will be required for opening a current account with a bank or post office.

These are some of the transactions that will need a PAN card. The process of applying for a PAN card is very easy if you don’t have one and if you apply with your Aadhaar Card, the process is quicker. You will get an Aadhaar-linked PAN card in a few days.

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