Bank Alert: Rules For Transactions Of Rs 20 Lakh Per Annum: If you do 20 lakh transactions in a year, you will need a PAN card bank, the government’s attention on postal transactions.
The central government has introduced some new rules regarding money transactions in banks or post offices. Under the new rules, account holders are required to provide PAN and Aadhaar numbers in case of deposit or withdrawal of Rs 20 lakh or more in a bank or post office in a financial year.
The Central Board of Direct Taxes (CBDT) in its notification said that it would no longer be mandatory for everyone to provide a PAN number or biometric verification of Aadhaar for large-scale transactions with banks in a financial year. In addition, Aadhaar PAN will also be required to open a current account or cash credit account at any bank or post office.
Transparency will come – This decision has made it mandatory for banks, post offices, or co-operative societies to disclose accounts with transactions exceeding Rs. 20 lakhs in a financial year. This will bring more transparency in financial transactions. . It will also help the government track the movement of cash in the financial system, as well as regularize the process of suspicious cash deposits and withdrawals.
FAQ:
- how much money can be deposited without pan card – Up to 19999/-
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can i deposit 50,000 cash in bank without pan- No
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can we transfer money without pan card- No