PAN mandatory for cash deposit or withdrawal of Rs 20 lakh or more

PAN will also be required for opening of current and cash credit account

Photo: Shutterstock

Photo: Shutterstock

Bindisha Sarang Mumbai
The Central Board of Direct Taxes (CBDT) issued a notification on May 10, 2022, making the furnishing of Permanent Account Number (PAN) or Aadhaar compulsory for a further set of transactions. According to the notification, a person must obtain and quote PAN when he enters into any of the following three transactions:

High-value cash deposit: Cash deposit (or deposits) aggregating to Rs 20 lakh or more in a financial year, in one or more accounts of a person, with a banking company, a co-operative bank, or a post office will require PAN to be furnished.  

High-value cash withdrawal: The same

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First Published: May 12 2022 | 12:23 AM IST

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