Customer PAN must for deposit exceeding Rs 50,000: RBI to banks
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In the wake of demonetisation of high-value currency, RBI has asked banks to ensure that customers submit a copy of permanent account number (PAN) card for any cash deposit exceeding 50,000 rupees, if it is not already seeded with the account.
The apex bank said this in a notification with a view to ensuring compliance with provisions of the Income Tax Rules, 1962. It also asked banks to insist on their customers to share PAN for all applicable transactions mandated under the I-T rule.
As per 114B under income tax rules, every person is required to quote PAN for all documents pertaining to a time deposit with a bank or co-operative bank, post office, Nidhi or non-banking financial company which is allowed to accept deposits if the amount is more than 50,000 or aggregating over 5 lakh during during a financial year. #casansaar (PTI)
The apex bank said this in a notification with a view to ensuring compliance with provisions of the Income Tax Rules, 1962. It also asked banks to insist on their customers to share PAN for all applicable transactions mandated under the I-T rule.
As per 114B under income tax rules, every person is required to quote PAN for all documents pertaining to a time deposit with a bank or co-operative bank, post office, Nidhi or non-banking financial company which is allowed to accept deposits if the amount is more than 50,000 or aggregating over 5 lakh during during a financial year. #casansaar (PTI)
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