Now furnishing the Permanent Account Number (PAN) or biometric Aadhaar is mandatory for cash deposits or withdrawals above Rs 20 lakh from banks in a financial year, as per the latest Gazette notification by the Central Board of Direct Taxes (CBDT).
According to the new rules, called the Income–tax (Fifteenth Amendment) Rules, 2022, it will be also mandatory to furnish PAN or Aadhaar for opening of a current account or cash credit account by a person with a banking company or a co-operative bank or a Post Office.
The onus of quoting the PAN and Aadhar details for a transaction is on customers as well as banks, co-operative banks and post office.
The formats and standards along with procedure for authentication of PAN or Aadhaar number will reportedly be prepared by Principal Director General of Income-Tax (Systems) or Director General of Income-tax (Systems).
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