Feb01
2016Press Information Bureau
Government of India
Ministry of Finance
15-December-2015 19:59 IST
Rules regarding quoting of
PAN for specified transactions amended
Sl. | NATURE OF TRANSACTION | MANDATORY QUOTING OF PAN (RULE 114B) | |
Existing requirement | New requirement | ||
1. | Immovable property | Sale/ purchase valued at Rs.5 lakh or more | i. Sale/ purchase exceeding Rs.10 lakh; ii. Properties valued by Stamp Valuation authority at amount exceeding Rs.10 lakh will also need PAN. |
2. | Motor vehicle (other than two wheeler) | All sales/purchases | No change |
3. | Time deposit | Time deposit exceeding Rs.50,000/- with a banking company | i. Deposits with Co-op banks, Post Office, Nidhi, NBFC companies will also need PAN; ii. Deposits aggregating to more than Rs.5 lakh during the year will also need PAN |
4. | Deposit with Post Office Savings Bank | Exceeding Rs.50,000/- | Discontinued |
5. | Sale or purchase of securities | Contract for sale/purchase of a value exceeding Rs.1 lakh | No change |
6. | Opening an account (other than time deposit) with a banking company. | All new accounts. | i. Basic Savings Bank Deposit Account excluded (no PAN requirement for opening these accounts); ii. Co-operative banks also to comply |
7. | Installation of telephone/ cellphone connections | All instances | Discontinued |
8. | Hotel/restaurant bill(s) | Exceeding Rs.25,000/- at any one time (by any mode of payment) | Cash payment exceeding Rs.50,000/-. |
9. | Cash purchase of bank drafts/ pay orders/ banker's cheques | Amount aggregating to Rs.50,000/- or more during any one day | Exceeding Rs.50,000/- on any one day. |
10. | Cash deposit with banking company | Cash aggregating to Rs.50,000/- or more during any one day | Cash deposit exceeding Rs.50,000/- in a day. |
11. | Foreign travel | Cash payment in connection with foreign travel of an amount exceeding Rs.25,000/- at any one time (including fare, payment to travel agent, purchase of forex) | Cash payment in connection with foreign travel or purchase of foreign currency of an amount exceeding Rs.50,000/- at any one time (including fare, payment to travel agent) |
12. | Credit card | Application to banking company/ any other company/institution for credit card | No change. Co-operative banks also to comply. |
13. | Mutual fund units | Payment of Rs.50,000/- or more for purchase | Payment exceeding Rs.50,000/- for purchase. |
14. | Shares of company | Payment of Rs.50,000/- or more to a company for acquiring its shares | i. Opening a demat account; ii. Purchase or sale of shares of an unlisted company for an amount exceeding Rs.1 lakh per transaction. |
15. | Debentures/ bonds | Payment of Rs.50,000/- or more to a company/ institution for acquiring its debentures/ bonds | Payment exceeding Rs.50,000/-. |
16. | RBI bonds | Payment of Rs.50,000/-or more to RBI for acquiring its bonds | Payment exceeding Rs.50,000/-. |
17. | Life insurance premium | Payment of Rs.50,000/- or more in a year as premium to an insurer | Payment exceeding Rs.50,000/- in a year. |
18. | Purchase of jewellery/bullion | Payment of Rs.5 lakh or more at any one time or against a bill | Deleted and merged with next item in this table |
19. | Purchases or sales of goods or services | No requirement | Purchase/ sale of any goods or services exceeding Rs.2 lakh per transaction. |
20. | Cash cards/ prepaid instruments issued under Payment & Settlement Act | No requirement | Cash payment aggregating to more than Rs.50,000 in a year. |