December 14, 2018

Is Quoting of PAN in all the existing bank accounts are mandatory ?

Is Quoting of PAN in all the existing bank accounts are mandatory ?

Yes, as per press release of Income Tax Department dated 8th January, 2017 the Income Tax department has asked all the banks to obtain pan in all bank accounts and link the all bank accounts with PAN or form 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by 28.02.2017.

The  RBI vide circular dated 15.12.2016 has mandated that no withdrawal shall be allowed from the accounts having substantial credit balance/deposits if PAN or Form No.60 is not provided in respect of such accounts. Therefore, persons who are having bank account but have not submitted PAN or Form No.60 are advised to submit the PAN or Form No. 60 to the bank by 28.2.2017.

 

The banks and post offices have also been mandated to submit information in respect of cash deposits from 1.4.2016 to 8.11.2016 in accounts where the cash deposits during the period 9.11.2016 to 30.12.2016 exceeds the specified limits

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