The government has enacted new regulations governing money transactions at banks and post offices. PAN and Aadhaar would be required for deposits of Rs 20 lakh or more in a bank or post office in a financial year under the new guidelines.
The Income Tax (15th Amendment) Rules, 2022, have been framed by the Central Board of Direct Taxes (CBDT), and their notification was issued on May 10, 2022. These new rules, however, will take effect on May 26.
In these transactions, you must submit your PAN or Aadhaar number.
In a financial year, 20 lakhs in cash is deposited in one or more accounts with a banking firm, a corporate bank, or anyone post office.
In a financial year, a cash withdrawal of Rs. 20 lakh from any one or more accounts in banking business, a cooperative bank, or a post office is prohibited.
When you open a current account or a cash credit account with a bank, co-op bank, or post office.
To open a current account, you’ll need a PAN card.
To open a current account, anyone must now provide their PAN card. People whose bank accounts are already connected to their PAN, however, will be required to observe this guideline while transacting.