Big News! Bank Rules for Depositing And Withdrawing Money In The Bank Have Changed | Know Here New Rule Immediately Otherwise..

On May 10, the government has implemented new rules by issuing a notification. The purpose of these rules is to track the financial transactions of such people who do not yet have a Permanent Account Number (PAN).

New rules have been made by the government to stop black money. The new rules will be implemented from 26 May. The government has implemented new rules for depositing and withdrawing money in banks. Under the new rules, it has now been made mandatory to give PAN or Aadhaar for depositing or withdrawing more than Rs 20 lakh in banks.

According to the rules, now if a person makes a transaction of more than 20 lakhs from the account in a financial year, then PAN card information will have to be given. If he does not have PAN, he can give biometric identification of Aadhaar. This will make it easier for the officials to keep track of the transactions.

The new rule prepared by CBDT under the Income Tax (15th Amendment) Rules, 2022 was issued on 10 May 2022. Experts say that after the implementation of this rule, there will be more transparency in transactions and black money can be stopped.

Shailesh Kumar, partner in Nangia & Co. LLP, says that the government is making constant efforts to increase its taxpayer base. Therefore, the government has now made new rules to bring such people under the tax net, who do big transactions, but they do not have a PAN card. Shailesh says that once people doing large transactions provide PAN, it will be easy to track their transactions.