At AadharCardKendra.org.in our constant efforts are to bring you all the useful and important updates and information on Aadhara nd UID. However this new development is important and hence we are including it here.
Come 2016 there will as many as 20 changes in the way we use PAN Card. The PAN or Permanent Account Number will be required to be quoted for various transactions and in some cases where is was compulsory to do so, exemptions have been introduced.
We bring you all the changes in a simple format, which you can even download and save it on your Mobile for reference as we do understand it is not possible to remember all the rules every time.
Changes introduced to Mandatory Quoting of PAN Rules from 1st Jan, 2016:
Earlier cash transactions of Rs. 50,000 and above required a PAN to be quoted. However from 2016, any transaction about Rs. 2,00,000 will be required to be accompanied by PAN. The Finance Ministry wanted to keep a lower limit of Rs. 1 Lac, however after a lot representation and consultation with the respective sources and people, it has fixed the limit at Rs. 2 Lac.
Further more you will no longer require to quote your PAN for opening a simple Savings Bank Account with any bank, as opposed to the rule before. However, you will now require to quote PAN for opening time deposits with a banks, nidhis, co-op- societies, post offices etc. The previous limit of cash payments for Rs. 25,000 for restaurants and hotels is now raised to Rs. 50,000 – meaning you will have to quote your PAN for the same.
List of 20 Rule Changes for Mandatory Quoting of PAN in various transactions in India:
Here is the complete list of all the 20 changes or updates made to the PAN quoting mandatory policy by the Government of India.
To save this list, simply click the image -> Right click -> Save Image As and save. This way you can keep it even in your mobile with you always and quickly refer to it whenever in doubt. Hope you find this useful.