April 30, 2025 12:17 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
3 killed, several injured in shooting incident in Sweden's Uppsala | BREAKING: PM Modi gives 'full freedom' to forces to avenge Pahalgam terror attack | Canada: Indian student Vanshika, who went missing for past few days, found dead | J&K govt closes 48 tourist locations as intel warns of more terror attacks after Pahalgam incident | Mark Carney leads Liberal Party to victory in Canada, Khalistan sympathiser Jagmeet Singh bites dust | India calls Pakistan 'a rogue state fuelling global terrorism' at UN amid rising border tension after Pahalgam attack | Pahalgam terror attack hollowed all of us from core: Omar Abdullah | Jammu and Kashmir Assembly passes resolution, condemns Pahalgam attack | Stalin reshuffles Tamil Nadu cabinet after Senthil Balaji and Ponmudi's resignations | Centre blocks 16 Pakistani YouTube channels for provocative content in wake of Pahalgam terror attack
Banking

PAN, Aadhaar numbers mandatory for cash withdrawals and deposits above this amount. Find out the details

| @indiablooms | May 12, 2022, at 04:42 am

New Delhi: Customers have to furnish PAN or Aadhaar numbers if cash withdrawals and deposits in a financial year cross Rs 20 lakh and also to open a current account or cash credit account with a bank.

The Central Board of Direct Taxes (CBDT) issued a notification on May 10, 2022, in this regard.

The new rules will be effective from May 26, 2022.

As per the notification, "Every person shall, at the time of entering into a transaction specified in column (2) of the Table below, quote his permanent account number or Aadhaar number, as the case may be, in documents pertaining to such transaction, and every person specified in column (3) of the said Table, who receives such document, shall ensure that the said number has been duly quoted and authenticated."

The notification further states, "The permanent account number or Aadhaar number along with demographic information 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) or the person authorised by the Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) with the approval of the Board, for the purposes of authentication referred to in section 139A."

As per the notification, every person to obtain and quote Permanent Account Number ("PAN"), wherein he enters into any of the following transactions:

  • Cash deposits aggregating to Rs 20 lakhs or more in the financial year in one or more accounts with a bank or a post office.
  • Cash withdrawal or withdrawal aggregating to Rs 20 lakhs or more in the financial year in one or more accounts with a bank or a post office.
  • Opening of current account or cash credit account with a bank
     

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm