PAN numbers necessary for all account holders: Centre
- The Centre has asked the banks to report cash deposits in savings accounts 7 months before currency ban.
- Account holders will have to submit their PAN numbers to banks by February 28, 2017.
FollowThe government has asked all the banks to ask for the Permanent Account Number (PAN) numbers from all its customers apart from those who are holding savings account. This move will help the Centre to match the transaction details of account holders when they file the tax returns at the end of a financial year.
“Income tax rules have been amended to provide that banks shall obtain and link PAN or Form No 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by February 28, if not already done,” read the statement from the government.
So basically, the customers holding current, recurring deposit and fixed deposit accounts in banks will have to submit their PAN numbers to banks by February 28, 2017.
The Centre has also asked the banks to report cash deposits in savings accounts seven months before currency ban.
The banks have also been asked to submit details of cash deposits made during April 1 to November 9, 2016, for amounts up to ₹ 2.5 lakh or more per person, in all accounts other than current accounts.
Banks and post offices will have to submit report of cash deposits up to ₹ 12.5 lakh into current accounts during the above mentioned period.
Post demonetisation, government along with the Reserve Bank of India (RBI), have made a number of changes to the bank guidelines.
