Rules for withdrawal of money from Bank and Post Office
News Desk : Banks and post offices have changed the rules for large transactions. Under this new rule, if any account holder withdraws or deposits more than Rs 20 lakh in a financial year, then in this situation he will have to show PAN card and Aadhar card.
This rule is mandatory for both post office and bank customers. The Central Board of Direct Taxes (CBDT) has issued new rules under the Income Tax (15th Amendment) Rules, 2022. Let us tell you that the new rules will be applicable from 26 May. At the same time, this rule has been notified.
PAN-Aadhaar will be mandatory in these transactions
- Under this new rule, PAN card-Aadhaar card will have to be given in any private or government bank and post office for deposit or withdrawal of more than 20 lakh rupees in a financial year.
- At the same time, while opening an account in any bank and post office, PAN-Aadhaar will have to be given.
- If a person already has Aadhar linked with his bank account, then now it will be mandatory to link PAN.
- Government eye on cash transactions
- Government’s eye on cash transactions
The purpose of making this rule of the government is that the Income Tax Department can keep an eye on the financial transactions of the people. By doing this most of the people will be brought under the tax net. Now it will be easier to keep an eye on tax evasion. In such a situation, the Income Tax Department will keep an eye on you on every transaction through your PAN number.