Government has asked banks to obtain permanent account number, PAN, or Form-60, in case of nonavailability of PAN, from all bank account holders by February end this year. Central Board of Direct Taxes issued a notification in this regard today and informed about amendment in Income-tax rules. <br/><br/>However, this rule will not apply to Basic Savings Bank Deposit Accounts, which are zero balance savings accounts, including Jandhan accounts. It further said that the banks and post offices had also been mandated to submit information in respect of cash deposits from 1st April 2016 to 8th November 2016 in accounts where the cash deposits during the demonetisation period exceeds the specified limits.<br/><br/>Last month, RBI had mandated that no withdrawal shall be allowed from the accounts having substantial credit balance or deposits if PAN or Form No.60 is not provided in respect of such accounts. <br/>

Government has asked banks to obtain permanent account number, PAN, or Form-60, in case of nonavailability of PAN, from all bank account holders by February end this year. Central Board of Direct Taxes issued a notification in this regard today and informed about amendment in Income-tax rules. <br/><br/>However, this rule will not apply to Basic Savings Bank Deposit Accounts, which are zero balance savings accounts, including Jandhan accounts. It further said that the banks and post offices had also been mandated to submit information in respect of cash deposits from 1st April 2016 to 8th November 2016 in accounts where the cash deposits during the demonetisation period exceeds the specified limits.<br/><br/>Last month, RBI had mandated that no withdrawal shall be allowed from the accounts having substantial credit balance or deposits if PAN or Form No.60 is not provided in respect of such accounts. <br/>

Government has asked banks to obtain permanent account number, PAN, or Form-60, in case of nonavailability of PAN, from all bank account holders by February end this year. Central Board of Direct Taxes issued a notification in this regard today and informed about amendment in Income-tax rules. <br/><br/>However, this rule will not apply to Basic Savings Bank Deposit Accounts, which are zero balance savings accounts, including Jandhan accounts. It further said that the banks and post offices had also been mandated to submit information in respect of cash deposits from 1st April 2016 to 8th November 2016 in accounts where the cash deposits during the demonetisation period exceeds the specified limits.<br/><br/>Last month, RBI had mandated that no withdrawal shall be allowed from the accounts having substantial credit balance or deposits if PAN or Form No.60 is not provided in respect of such accounts. <br/>