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

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