6 Bank Transactions Where Quoting PAN Is Mandatory

Many individuals visit bank to make transactions only to realize that transaction is possible only if PAN is quoted. The Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit.

For any high value transaction, banks have to mandatorily follow the "Know Your Customer" (KYC) procedure.

The specified limit differs with nature of transactions. Here we are highlighting PAN requirement in banking transactions.

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