Work news: Important banking rules changed from today, this document was necessary for deposit-withdrawal
Business
oi-Bavita Jha
New Delhi. A major change has been made in the banking rules from 26 May. Major changes have been made in the rules for withdrawing and depositing cash from banks. According to the new rule, now you will have to give PAN card and Aadhar card for cash withdrawal of more than 20 lakhs. The Central Board of Direct Taxes ie CBDT recently issued a notification regarding this, after which it has become a rule from today that you will have to give PAN card-Aadhaar card for transactions of more than 20 lakhs.
apply from today
Income Tax Department has implemented a new rule to control tax evasion, according to which you will have to provide PAN card or Aadhar card for cash deposit or withdrawal of Rs 20 lakh or more. Apart from the bank, this rule will be applicable to the deposit and withdrawal in the post office or cooperative banks. It has been implemented across the country from 26 May.
rule change
Let us tell you that till now no rule was implemented on deposit or withdrawal of cash. You could do as many transactions as you wanted in a year, but now you have to show your PAN or Aadhaar for transactions above 20 lakhs. Large transactions can be tracked with the help of PAN. This new rule will bring more transparency in financial transactions. This will help in preventing tax evasion.
