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PAN Card may become mandatory for cash transactions beyond certain limit: Finance Ministry
Posted on: 05-10-2015 , 12:02:PM | DY365 Bureau

 Oct 5, 2015- Plans are underway by the Centre to mandatorily furnish PAN (Permanent Account Number) card details for cash transactions to check generation of domestic black money.

Finance Minister Arun Jaitley, stated that the government is at an advanced stage in considering the requirement of furnishing PAN Card details if cash transactions beyond a certain limit are undertaken.
He said the monitoring regime of the income tax department has been strengthened and its capacity to access information and apply technology driven analytical tools to expose evasion has been enhanced.
Stressing that bulk of black money is still within India, Jaitley said, "There is a need to change the national attitude so that plastic currency becomes the norm and cash an exception".
Jaitley said the Government has formulated a conscious strategy to deal with the menace of black money. He said, a total peak balance of about 6,500 crore rupees in list of accounts in LGT Bank, Liechtenstein and HSBC, Geneva has been assessed.

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