New Delhi: From today, the rules for opening a current account in banks, cash withdrawal and depositing rules will change. From today, quoting Permanent Account Number (PAN CARD) or Aadhaar Card number is mandatory for depositing and withdrawing over Rs 20 lakh in a financial year. The same rule applies for opening of a current account in banks or cash credit account with a bank or post office.
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The Central Board of Direct Taxes (CBDT) had announced this in a notification. At present, PAN and Aadhaar are interchangeable for income tax purpose. The Finance Act, 2019, has provided for interchangeability of PAN with Aadhaar. It has been provided that every person who is required to furnish or quote his PAN under the Income Tax Act, and who has not been allotted a PAN but possesses the Aadhaar number, may furnish the biometric ID in lieu of PAN.
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