Income tax department of India has issued guidelines to banks that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by 28.02.2017. In this connection, it has made clear that no withdrawal shall be allowed from the accounts having substantial credit balance/deposits if PAN or Form No.60 is not attached in respect of such accounts. Therefore, persons who are having the bank account but have not submitted PAN or Form No.60 are advised to submit the PAN or Form No. 60 to the bank latest by 28.2.2017.
The banks and post offices have also been mandated to submit information in respect of cash deposits from 1.4.2016 to 8.11.2016 in accounts where the cash deposits during the period 9.11.2016 to 30.12.2016 exceed the specified limits.
It has also been provided that person who is required to obtain PAN or Form No.60 shall record the PAN/Form.No.60 in all the documents and quote the same in all the reports submitted to the Income-tax Department.