Now, PAN required if combined cash deposits exceed INR 2.5 lakh till December 30
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The government has announced a new rule to prevent people from making multiple cash deposits in their bank accounts without quoting their PAN card number. Till date, the limit for cash deposit without PAN was Rs 50,000 per transaction. A lot of people were depositing less than Rs 50,000 per day to escape the PAN provision.
A circular issued yesterday says deposits made between 9 Nov and 30 Dec 2016 will require a PAN if the combined sum exceeds Rs 2.5 lakh. This clarifies the misconception that one can deposit cash in tranches of less than Rs 50,000 and escape mentioning the PAN.
The
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The rule applies to all bank accounts of the individual, though it is not clear how banks will be able to capture information on cash deposited in other bank accounts.
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