NEW DELHI: In a new set of rules, the ministry of finance has asked banks and post offices to submit information on cash deposits made in the saving and current accounts from April 1,2016 to November 8, 2016 in accounts, where the cash deposits during the period November 9, 2016 to December 30, 2016 exceeds the specified limits of Rs 2.5 lakh.
For current accounts, banks and post offices have to give details of cash deposits adding up to Rs 12.5 lakh or more per person in the same period. Banks and post offices have been asked to submit details of these transactions by January 15.
The ministry has also directed the banks to obtain and link permanent account number (PAN) or Form No. 60 (where PAN is not available) from all its existing bank accounts by February 28, 2017, if they have not undertaken the process for its account holders.
The notification states that the February 28 deadline for furnishing PAN or Form 60 is not applicable to those who have time deposits or a Basic Savings Bank Deposit Account (BSBDA).
On Sunday, a note from Finance Minister pointed that on December 15, 2016, the Reserve Bank had mandated that no withdrawal shall be allowed from accounts having substantial credit balance/deposits if PAN or Form No.60 is not provided in respect of such accounts.
The banks have also been directed that person who is required to obtain PAN or Form No.60 shall record the PAN/Form.No.60 in all the documents and quote the same in all the reports submitted to the Income-tax Department.