The Hindu Business Line : PAN made mandatory for more transactions

THE Finance Ministry has expanded the list of transactions for which permanent account numbers (PAN) will have to be specified in all documents pertaining to such transactions.

A person making an application to a bank or a credit card company for issuing a credit card would have to necessarily mention PAN in all documents relating to the application.

PAN is also to be quoted in all documents pertaining to payment of an amount of Rs 50,000 or more to a mutual fund for purchase of its units.

Further, every person is now required to specify PAN in all documents pertaining to payment of an amount of Rs 50,000 or more to a company for acquiring shares issued by it.

A similar stipulation has also been made for payment of an amount of Rs 50,000 or more to a company or an institution for acquiring debentures or bonds issued by it.

PAN has to be specified in all documents relating to payment of an amount of Rs 50,000 or more to the RBI for acquiring the bonds issued by the Central Bank.

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