Here’s the new rule
The Modi government has made Aadhar card or PAN number mandatory for depositing or withdrawing amounts above Rs 20 lakh in a financial year. That is, if you deposit or withdraw more than Rs 20 lakh in a financial year, then it will be mandatory for you to provide PAN number or biometric verification of Aadhaar. If you want to make cash withdrawal of Rs 20 lakh and above in one or more bank accounts from a bank or post office in a financial year, then you need to show PAN card and Aadhar card.
Changed rules for opening current account
Along with this, the rules regarding current account have also changed. Now to open a new current account, you have been made mandatory for Aadhar card or PAN card. Now these documents will be required to open a current account in a bank or post office. A notification has also been issued by the Central Board of Direct Taxes (CBDT) in this regard.
Keep these things in mind while taking health insurance, otherwise there will be trouble in claim settlement
This will benefit from the new rule
Sandeep Sehgal, tax partner, AKM Global, said the move is expected to bring more transparency in financial transactions. Now it will be mandatory for banks, post offices or co-operative societies to report transactions of more than Rs 20 lakh in a financial year. It is necessary to provide PAN number for all the work related to Income Tax Department. At the time of transaction of large cash amount, if a person does not have PAN, he can use Aadhaar. The new rule will make it easier for tax officials to track transactions.