Mandatory to quote PAN for Rs.2.5 lakh deposits: Finance Ministry

The government today said, quoting of PAN is mandatory for cash deposits aggregating to 2 lakh 50 thousand rupees or more in bank accounts and it is also mandatory for cash deposit of over fifty thousand rupees in a single day in scheduled or a cooperative bank. 

Finance Ministry in a statement said, the additional requirement of quoting PAN has been made mandatory to avoid ill-gotten wealth or black money being converted into white during the 50-day window given for depositing the scrapped notes in



bank accounts. This is in addition to existing provision making it mandatory for quoting of PAN for purchase of bank drafts or pay orders or banker's cheques from banks in cash for an amount exceeding fifty thousand rupees during a day. 

It also said, any time deposit with a bank or a post office as well as opening of an account other than Jandhan or basic bank deposit account also require PAN to be quoted. The Central Board of Direct Taxes has already issued close to 25 crore PANs till date.