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Now, PAN must for `50K cash to settle hotel bills, airfare
Quoting PAN will be mandatory from January 1 for cash payment made to settle hotels bills or for buying foreign travel tickets of Rs 50,000 as the government tightened disclosure norms to check generation of domestic black money.
New Delhi : Quoting PAN will be mandatory from January 1 for cash payment made to settle hotels bills or for buying foreign travel tickets of Rs 50,000 as the government tightened disclosure norms to check generation of domestic black money.
The PAN requirement for non-luxury cash transactions will be Rs 2 lakh. However, in a relief to small investors, the requirement of furnishing PAN for making post office deposit of over Rs 50,000 has been dispensed with.
Unveiling the new norms, Revenue Secretary Hasmukh Adhia said purchasing of jewellery or bullion, a major source of blackmoney, quoting of PAN would be required if the sum involved is Rs 2 lakh per transaction. Currently, it is required for transaction of Rs 5 lakh and above.
PAN would also be mandatory for cash payments of more than Rs 50,000 for cash cards or prepaid instruments as well as for acquiring shares of unlisted companies for Rs 1 lakh and above.
