Govt asks banks to obtain PAN of all account-holders by Feb 28

New Delhi:The Union Government has asked the banks to obtain and link PAN or Form No 60 (where PAN is not available) in all existing bank accounts  by February 28.

The RBI circular of December 12  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.

The banks and post offices have also been mandated to submit information in respect of cash deposits from April 1 to November 8, 2016 in accounts where the cash deposits during the period November 9, 2016 to December 30, 2016 exceeds the specified limits, the Finance Ministry said here today.

It has also been provided that a person who is required to obtain PAN or Form No 60, shall record the PAN/Form No 60 in all the documents and quote the same in all the reports submitted to the Income Tax Department.


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