Aadhar, Pan Card Mandatory for cash withdrawal..!?

Sowmiya Sriram
Aadhar, Pan Card Mandatory for cash withdrawal..!?
 The Central Board of Direct Taxes (CBDT) has announced that banks, co-operative banks, and post offices will be required to provide PAN and Aadhaar numbers if they make or withdraw cash over Rs 20 lakh in a financial year. The new rules will come into effect from the 26th of this month. Earlier there was Pan Card mandatory for Rs 50,000 and above payment and also it was not mandatory for withdrawal. Also, there was no year limit for this.
Under these new rules, it will be mandatory to specify a PAN or aadhar number, even if one withdraws or deposits more than Rs 20 lakh from one or more accounts in a financial year. Thus, in a financial year, how much money does a person make in total?
The tax department can easily find out if it has been taxed. aadhar or Pan Card is mandatory for a person to pay Rs. 20 lakhs or more in one or more accounts in a financial year at a bank, post office, co-operative bank, etc.
* Similarly, an aadhar or PAN number is mandatory for withdrawals of Rs. 20 lakhs or more in one financial year from one or more accounts.
* aadhar or PAN number is mandatory when opening a current account or cash loan account at a bank, post office, or cooperative bank.
For more interesting updates click and follow Indiaherald WhatsApp channel

Find Out More:

aadhar and PAN card for cash withdrawal

Related Articles: