The Government Of India has notified that Permanent Account Number is mandatory for all the transactions involving Rs.50,000/- and above.
PAN is a must for all transactions, 1). For the purchase of jewellery, above Rs 2 lakhs in cash or through card, 2). For deposits exceeding Rs 50,00/-0 at one go or Rs 5 lakh in a year with banks, Post Offices and NBFCs and 3). For the purchase of immovable property of over Rs 10 lakh, with effect from January 1, 2016, the finance ministry said in a notification.
PAN is mandatory for making cash deposit of more than Rs. 50,000/- or purchase of bank draft/pay orders/bankers cheque of equal denomination on a single day, payment of life insurance premium of Rs. 50,000/- in a year.
