Financial
transactions where quoting
of PAN is mandatory
It is compulsory to quote
PAN in all documents pertaining to the following financial transactions :-
(a) sale or purchase of any immovable property
valued at five lakh rupees or more;
(b) sale or purchase of a motor vehicle or vehicle, [the sale or
purchase of a motor vehicle or vehicle does not include two wheeled vehicles,
inclusive of any detach¬able side-car having an extra wheel, attached to the
motor vehicle;
(c) a time deposit, exceeding fifty thousand rupees, with a
banking company ;
(d) a deposit, exceeding fifty thousand rupees, in any account
with Post Office Savings Bank;
(e) a contract of a value exceeding one lakh rupees for sale or
purchase of securities;
(f) opening a bank account;
(g) making an application for installation of a telephone connection
(including a cellular telephone connection);
(h) payment to hotels and
restaurants against their bills for an amount exceeding twenty-five thousand
rupees at any one time ;
(i) payment in cash for
purchase of bank drafts or pay orders or banker's cheques for an amount
aggregating fifty thousand rupees or more during any one day;
(j) deposit in cash
aggregating fifty thousand rupees or more with a bank during any one day;
(k) payment in cash in
connection with travel to any foreign country of an amount exceeding
twenty-five thousand rupees at any one time.
(l) making an application to
any banking company to which the Banking Regulation Act, 1949 (10 of 1949),
applies (including any bank or banking institution referred to in section 51 of
that Act) or to any other company or institution, for issue of a credit or
debit card;
(m) payment of an amount of
fifty thousand rupees or more to a Mutual Fund for purchase of its units;
(n) payment of an amount of
fifty thousand rupees or more to a company for acquiring shares issued by it;
(o) payment of an amount of
fifty thousand rupees or more to a company or an institution for acquiring
debentures or bonds issued by it;
(p) payment of an amount of
fifty thousand rupees or more to the Reserve Bank of India, constituted under
section 3 of the Reserve Bank of India Act, 1934 (2 of 1934) for acquiring
bonds issued by it;
(q) payment of an amount aggregating fifty thousand
rupees or more in a year as life insurance premium to an insurer as defined in
clause (9) of section 2 of the Insurance Act, 1938 (4 of 1938);
(r) payment to a dealer,
(i) of an amount of five lakh rupees or more at
any one time; or
(ii) against a bill for an amount of five lakh
rupees or more, for purchase of bullion or jewellery: