The Central Government has enhanced the monetary limits of certain transactions that require quoting of Permanent Account Number (PAN).
The monetary limits have now been raised to Rs. 10 lakh from Rs. 5 lakh for the sale or purchase of immovable property; to Rs.50,000 from Rs. 25,000 in the case of hotel or restaurant bills paid at any one time, and to Rs. 1 lakh from Rs. 50,000 for purchase or sale of shares of an unlisted company.
In keeping with the Government's thrust on financial inclusion, opening of a no-frills bank account such as a Jan Dhan Account will not require PAN.
Other than that, the requirement of PAN applies to opening of all bank accounts, including in co-operative banks. The changes to the Rules will take effect from January1.
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