What is New PAN Rules?
Under the leadership of Prime Minister Narendra Modi, the Indian Government has made amendments to PAN rules. All Individuals who wish to make transactions like foreign travel or hotel bills in excess of Rs.50,000 will be furnish their PAN card. PAN card will be used for all the transactions, even for the purchase of jewelery in excess of Rs.2 lacs, whether cash or card. PAN card are compulsory for opening every kind of bank account for making cash deposit in excess of Rs.50,000 or buy bankers cheque/pay orders/bank draft worth Rs.50,000 or more.