There was a 300 per cent jump in the number of applications for PAN (Permanent Account Number) post demonetisation, the
Central Board of Direct Taxes (CBDT) said on Tuesday.
CBDT Chairman Sushil Chandra said while there were around 2.5 lakh PAN applications per month earlier, after the Centre announced to scrap high value currency notes in November last year, the number rose to 7.5 lakh.
He added that the department was taking a number of measures to curb black money and that steps such as no cash transaction of above Rs 2 lakh was a move in that direction.
PAN is a 10-digit alphanumeric number, which is alloted by the Income Tax (IT) department to an individual, firm or entity. About 33 crore PAN cards have been issued in the country till now.
The CBDT is the policy-making body of the I-T department.