NEW DELHI: Permanent Account Number (PAN) will be a must for all transactions, including purchase of jewellery, above Rs 2 lakhs in cash or through card with effect from January 1, 2016.Furnishing PAN will be mandatory from Friday for cash transactions such as hotel or foreign travel bills exceeding Rs 50,000
PAN will also be mandatory on purchase of immovable property of over Rs 10 lakh. This will be a relief to small home buyers as previously the government had proposed to make PAN mandatory for property worth Rs 5 lakh.
Quoting of PAN will also be mandatory for term deposits exceeding Rs 50,000 at one go or Rs 5 lakh in a year with banks, Post Offices and NBFCs.
The notification said PAN would be mandatory for payments of more than Rs 50,000 for cash cards or prepaid instruments as well as for acquiring shares of unlisted companies for Rs 1 lakh and above.
It has also been made mandatory for opening all bank accountS.But Pradhan Mantri Jan Dhan Yojana accounts are exempted.
