The Centre has asked banks to obtain and link permanent account number (PAN) or Form 60 (where PAN is not available) in all existing bank accounts by February 28 this year.

The income tax rules have been amended for the purpose.

The directive will, however, not apply to the basic savings bank deposit account (BSBDA), according to an official release.

BSBDA are basically ‘no-frill’ accounts or those with very low minimum balances.

It may be recalled that the RBI had on December 15 last year mandated that no withdrawal would be allowed from accounts having substantial credit balance/deposits if PAN or Form No 60 is not provided in respect of such accounts.

Therefore, persons who are having bank account but have not submitted PAN or Form 60 are advised to submit their PAN or Form No 60 to the bank by February 28, the release added.

It has also been provided that person who is required to obtain PAN or Form No 60 should record the PAN/Form No 60 in all the documents and quote the same in all the reports submitted to the Income Tax Department.

Details of cash deposits Meanwhile, the Centre has directed banks and post offices to submit information in respect of cash deposits from April 1, 2016 to November 8, 2016 in accounts where the cash deposits during the period November 9 to December 30 exceeds the specified limits.

Published on January 8, 2017