Bank Rules: In a notification issued by the CBDT, customers will be required to verify PAN card details or Aadhaar biometrics for transactions exceeding Rs 20 lakh in a financial year. The government hopes that after the implementation of this rule, there will be more transparency in transactions. Â
Bank Rules For Cash Deposit and Withdrawal: Under Prime Minister Modi’s Jan Dhan Account Scheme, an attempt was made to open a bank account of every citizen of the country. Now the rules for withdrawing and depositing money from the bank account are going to change. In such a situation, it is necessary for all the account holders to know the new rules. If you have an account in any bank, then definitely read this news.
New rules will be implemented from May 26
After the implementation of the new rules, you may have to face some difficulty if you go to deposit or withdraw money in the bank. New rules have been made by the government to stop black money. The new rules will be implemented from 26 May. Now Aadhaar or PAN has been made mandatory for depositing or withdrawing more than Rs 20 lakh in a financial year.
Rules will be applicable for opening savings account
Apart from this, Aadhaar and PAN have also been made mandatory for opening a savings account. In a notification issued by the Central Board of Direct Taxes (CBDT), it has been said that it will be necessary to provide PAN information or biometric verification of Aadhaar for transactions of large sums of money with banks in a financial year. The same rules will be applicable for opening a savings account in a post office.
More transparency in transactions
The new rule prepared by CBDT under the Income Tax (15th Amendment) Rules, 2022 was issued on 10 May 2022. These rules will be implemented for customers from May 26. Experts say that after the implementation of this rule, there will be more transparency in transactions and black money can be stopped.
What is the rule?
According to the rules, now if a person makes a transaction of more than 20 lakhs from the account in a financial year, then PAN card information will have to be given. If he does not have PAN, he can give biometric identification of Aadhaar. This will make it easier for the officials to keep track of the transactions.
