Scribd Logo
Upload

Welcome to Scribd!

  • Customer PAN Must For Deposit Exceeding Rs 50,000 - RBI To Banks

    Uploaded by

    ramprasad
    3 views1 page
    The RBI has asked banks to ensure that customers submit a copy of their PAN card for any cash deposit exceeding 50,000 rupees, in order to comply with Income Tax Rules. The central bank notified banks of this to ensure compliance with income tax provisions, and asked banks to insist on PAN details for all applicable transactions above 50,000 rupees as mandated by tax law. Per income tax rules, PAN must be provided for any time deposit over 50,000 rupees or aggregating over 500,000 rupees during a financial year with banks and other financial institutions.

    Original Description:

    1

    Original Title

    Customer PAN Must for Deposit Exceeding Rs 50,000_ RBI to Banks

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The RBI has asked banks to ensure that customers submit a copy of their PAN card for any cash deposit exceeding 50,000 rupees, in order to comply with Income Tax Rules. The central bank notified banks of this to ensure compliance with income tax provisions, and asked banks to insist on PAN details for all applicable transactions above 50,000 rupees as mandated by tax law. Per income tax rules, PAN must be provided for any time deposit over 50,000 rupees or aggregating over 500,000 rupees during a financial year with banks and other financial institutions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    3 views1 page

    Customer PAN Must For Deposit Exceeding Rs 50,000 - RBI To Banks

    Uploaded by

    ramprasad
    The RBI has asked banks to ensure that customers submit a copy of their PAN card for any cash deposit exceeding 50,000 rupees, in order to comply with Income Tax Rules. The central bank notified banks of this to ensure compliance with income tax provisions, and asked banks to insist on PAN details for all applicable transactions above 50,000 rupees as mandated by tax law. Per income tax rules, PAN must be provided for any time deposit over 50,000 rupees or aggregating over 500,000 rupees during a financial year with banks and other financial institutions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    Customer PAN must for deposit exceeding Rs 50,000: RBI to banks http://brassociates.in/news_detail.php?

    news_id=8419

    Customer PAN must for deposit exceeding Rs 50,000: RBI to banks

    In the wake of demonetisation of high-value currency, RBI has asked banks to ensure that customers submit a copy of
    permanent account number (PAN) card for any cash deposit exceeding 50,000 rupees, if it is not already seeded with the
    account.

    The apex bank said this in a notification with a view to ensuring compliance with provisions of the Income Tax Rules, 1962.
    It also asked banks to insist on their customers to share PAN for all applicable transactions mandated under the I-T rule.

    As per 114B under income tax rules, every person is required to quote PAN for all documents pertaining to a time deposit
    with a bank or co-operative bank, post office, Nidhi or non-banking financial company which is allowed to accept deposits
    if the amount is more than 50,000 or aggregating over 5 lakh during during a financial year. #casansaar (PTI)

    1 of 1 02-Dec-2016 02:53 PM

    You might also like