The government has made it mandatory to quote Permanent Account Number, PAN for all transactions in excess of Rs 2 lakh regardless of the mode of payment through cash, cheques or debit or credit cards to curb black money. The new rule which will come into effect from tomorrow will cover purchases of all goods and services.<br/><br/>To bring a balance between burden of compliance on legitimate transactions and the need to capture information relating to transactions of higher value, the Government has enhanced the monetary limits of certain transactions which require quoting of PAN. For sale or purchase of immovable property, the monetary limit will now be Rs 10 lakh as against Rs 5 lakh. <br/><br/>The monetary limit has been raised from 25 thousand to 50 thousand in case of hotel or restaurant bills paid at any one time and for bills on account of overseas travel.<br/><br/>In case of purchase or sale of shares of an unlisted company, the limit has also been raised to Rs 1 lakh from 50 thousand.The amendment rules which were notified yesterday are aimed at widening the tax net by non-intrusive methods. The new rules also expected to help in curbing black money and move towards a cashless economy.