New Delhi: If you are going to deposit or withdraw your money in a bank today, then this news is for you. In fact, since May 26, the rules for depositing and withdrawing money in the bank have been changed. Now for transacting in the bank you have to follow these rules. According to the new rule, it is now mandatory to give your PAN card or Aadhaar card while depositing money in a bank or post office.
What is the rule?
According to the new rules issued by the Central Board of Direct Taxes (CBDT), it has now become mandatory to provide a PAN card or Aadhaar card if you deposit more than Rs 20 lakh in a bank or post office. This rule will also apply to the withdrawal of money. You are also required to provide a PAN card or Aadhaar card for cash withdrawals of Rs 20 lakh or more. The Central Board of Direct Taxes (CBDT) has framed new rules under the Income Tax (15th Amendment) Rules, 2022, the notification of which was issued on May 10, 2022.
Current Account Rules:-
If you are wanting to open a current account in the bank, then you will also need a PAN card for this. Even after the PAN is already linked to the bank account, you will have to follow these rules at the time of the transaction.