Bank Rules For Cash Deposit and Withdrawal: Important news for bank account holders. If you also have an account in the bank and you are going to deposit or withdraw money, then now you may have to face difficulties. A big step has been taken by the government to curb black money. The government has told that from now on, a document is necessary to withdraw and deposit money more than a limit. Let us tell you which rules have changed-
PAN number will have to be given on withdrawal and deposit of money
Let us tell you that the government has made PAN card mandatory for depositing or withdrawing an amount of more than Rs 20 lakh. Along with this, you will have to give PAN number even after opening a current account in the bank. Without PAN number you will not be able to do any work.
CBDT gave information
The Central Board of Direct Taxes (CBDT) said in a notification that it will be mandatory to provide PAN number or biometric verification of Aadhaar for transacting large amounts with banks in a financial year. Apart from this, it will also be necessary to open a current account or cash credit account in any bank or post office.
Will be necessary on transactions of more than 20 lakhs
AKM Global’s tax partner Sandeep Sehgal hoped that the move would bring more transparency in financial transactions, saying it would make it mandatory for banks, post offices or cooperatives to report transactions above Rs 20 lakh in a financial year.
PAN number is necessary for income tax related works
Sehgal said that this will help the government to monitor the movement of cash in the financial system. This will bring strictness in the process related to suspicious cash deposits and withdrawals. At present, Aadhaar or PAN is used for all types of income tax related work.
Aadhar can also be used
Let us tell you that it is necessary to give PAN number in all types of work related to income tax, but at the time of transaction of large cash amount, if a person does not have PAN then he can use Aadhaar.
Easy to track transactions
According to the rules, if a person needs to provide PAN information, but does not have a PAN, then he can give the biometric identification of Aadhaar. Shailesh Kumar, partner, Nangia & Co, said that once the PAN number is given at the time of transaction, it will be easier for the tax officials to track the transaction.
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