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PAN Made Mandatory For Opening All Bank Accounts From 1January 2016


From 1January 2016 , quoting PAN or permanent account number will be mandatory for opening all bank accounts, the government announced. With the aim of checking domestic black money. The government today announced a slew of measures that will make the use of PAN mandatory not just for opening accounts but several other transactions including buying gold or jewellery for Rs 2 lakh or paying a bill of Rs 50,000 at a restaurant. To reduce bank accounts with forged details, the government has made PAN card mandatory for all kind of bank accounts except those under the Pradhan Mantri Jan Dhan Yojana.PAN will be mandatory for any transaction of over Rs 2 lakh, regardless of whether it is in cash or through card or cheque. The Finance Minister in his budget speech had proposed a Rs 1 lakh limit. To help small property buyers, monetary limits for quoting PAN has been raised to Rs 10 lakh from Rs 5 lakh for sale or purchase of immovable property. People without a PAN are required to fill a form and furnish a specified document from a list to establish their identity.

In a relief to small investors, the requirement of furnishing PAN for making post office deposit of over Rs 50,000 has been dispensed with. The move follows the recommendation by the Supreme Court-appointed Special Investigation Team (SIT) on Black Money that quoting of PAN should be made mandatory for all sales and purchase of goods and services where the payment exceeds Rs 1 lakh.