mandatory quoted pan no. Related section, Banking - Finance

[shweta Jain]

A bank require from customer his pan no. If cash deposit exceeds 50000 under what section .is it mandatory I in nature or not?

Posts / Replies

[Naveed S]

The Reserve Bank of India has issued circular No. DBOD.AML.BC.No.29/14.01.001/2013-14 dated July 12, 2013, reiterating the various guidelines on the KYC as mentioned below:

a) In terms of circular DBOD.BP.BC.110/21.02.051/98 dated November 19, 1998, quoting of PAN number is mandatory while opening an account or making a time deposit of ₹ 50,000/- or above, and any person who has not been allotted a PAN number shall make a declaration in Form NO. 60/61.