Saturday , May 27 2017

Collect PAN card info to the banks, says Centre

Jan Dhan accounts are exempt from rule.

PAN card info

New Delhi: The government of India on Sunday asked banks to take permanent account number (PAN) Number or Form-60 if PAN is not available, from all bank account holders by February 28, 2017.

Though, this rule will not apply to Basic Savings Bank Deposit Accounts, which are zero balance savings accounts, including Jandhan accounts. “Income-tax Rules have been revised to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is unavailable) in all existing bank accounts (other than Basic Savings Bank Deposit Accounts) by February 28, 2017, if not already done,” stated a notification by the CBDT (Central Board of Direct Taxes).

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The persons who are obtaining bank accounts but have not submitted PAN or Form No 60 are advised to submit the PAN Card Info or Form No 60 to the bank by February 28, 2017, the notification stated.

The Basic Savings Bank Deposit Accounts were introduced to take care of simple banking needs of people, which come with free ATM card, monthly statement and cheque book.

Previous month, RBI had mandated that no withdrawal shall be allowed from the accounts having substantial credit balance/deposits if PAN or Form No.60 is not provided in respect of such accounts.

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