PAN must for cash withdrawal, deposit of Rs. 20 lakh or more a year

The government has made it mandatory to quote either PAN or Aadhaar for depositing or withdrawing over Rs.20 lakh in a financial year. The Central Board of Direct Taxes (CBDT), in a notification, said furnishing the Permanent Account Number or biometric Aadhaar will be mandatory for such high-value deposits or withdrawals from banks in a financial year, or opening of a current account or cash credit account with a bank or post office.

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