PAN Requirements from Jan 2016

 



1 With effect from January 1, 2016, it will be mandatory to quote the permanent account number (PAN) for all transactions above `2 lakh for all modes of payment.

2 Only bank accounts opened under the Pradhan Mantri Jan Dhan Yojana have been exempted. But all other bank accounts and all kinds deposits will have to quote PAN.

3 PAN will be mandatory for purchase of prepaid cards worth `50,000 or more in a year. Purchase of gold jewellery worth above `2 lakh (`5 lakh current limit) would also need PAN.

4 The limit for quoting PAN for sale or purchase of real estate property has been raised to `10 lakh from `5 lakh.

5 PAN needs to be quoted only for a cash payment for a hotel or restaurant bill and foreign travel or purchase of forex of `50,000 (current limit `25,000).

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