PAN made mandatory for transactions above Rs 2 lakhs

Arun Jaitley said that this is a step towards controlling domestic black money

In a step towards curbing the menace of domestic black money, the government has made it mandatory for cash transactions of Rs 2,00,000 and above to now require submission of the income tax Permanent Account Number (PAN), parliament was told on Tuesday.

"In dealing with domestic black money, we have transactions dealing with cash of more than Rs 2 lakh will require to submit PAN details," Finance Minister Arun Jaitley told the Lok Sabha while presenting his ministry's supplemetary demand for grants.

An official notification in this regard was being issued shortly, he said.