Following the amendment to Rule 114B and Rule 114E of the Income Tax Rules by the CBDT through its Notification, the RBI today directed the Banks to collect a copy of PAN card while accepting deposits exceeding 50,000 from the customers.
“With a view to ensuring compliance with provisions of 114B of the Income Tax Rules, 1962, the banks are advised that anybody depositing more than Rs 50,000 in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN,” Reserve Bank said in a notification.
Apart from this, the RBI also directed the Banks to ensure sharing of PAN by the customers for all applicable transactions mandated under the I-T rule.
Through a recent Notification, the CBDT has amended the Income Tax Rules as per which PAN is a mandatory requirement for cash deposits in bank account during 09-11-2016 to 30-12-2016 if the amount exceed Rs. 250000/-. Banks should furnish information regarding cash deposits during 09-11-2016 to 30-12-2016 by way of AIR information if cash deposit in current account of customer exceeds Rs. 1250000 and cash deposit in saving account exceeds Rs. 250000 during this period.
