UNDER attack for not being able to curb black money transactions, the finance ministry is planning to make quoting of the permanent account number (PAN) mandatory for more transactions. The income tax (I-T) department may make quoting of PAN in documents for sale and purchase of bullion or jewellery involving cash transfer of Rs.5 lakh or more mandatory.

PAN may also be required for cash payment of `1lakh or more as life insurance premium, amid concerns that insurgents may be parking funds in high-value insurance policies. The department is also considering changes in the limits for cash payment for foreign travel. At present, the cap is Rs.25,000, including fare, the fee of a travel agent/tour operator and purchase of foreign currency.