GENERAL KNOWLEDGE

Detailed explanation-1: -If cash deposits and withdrawals in a financial year surpass Rs 20 lakh, the government has made quoting a PAN or Aadhaar number necessary when opening a current account or cash credit account with a bank.

Detailed explanation-2: -The Central Board of Direct Taxes (CBDT), in a notification, said furnishing the PAN or Aadhaar will be mandatory for such high-value deposits or withdrawals from banks in a financial year, or opening of a current account or cash credit account with a bank or post office.

Detailed explanation-3: -For instance, PAN is required to open a bank or demat account or avail a credit or debit card. Even when investing above Rs 50, 000 in mutual funds, debentures or bonds, furnishing PAN details is mandatory.

Detailed explanation-4: -No PAN mandatory for deposit or cash transactions above Rs 50, 000, you can use Aadhaar.