Bank Cash Transaction Rules: Big News! Government issued new guidelines regarding cash transactions, check new guideline immediately

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The Government of India has issued new guidelines regarding cash transactions. The government has made new rules regarding cash transactions from banks or post offices. Cash transaction rules have become stricter than before. Along with this, the rules regarding current account have also changed.

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The Central Government is taking every necessary step keeping in mind the facilities and safety of the people. For the last few years, the Modi government has made changes in many rules to promote digital transactions in the country. The Government of India has issued a new guideline regarding cash transactions.

The government has made new rules regarding cash transactions from banks or post offices. Cash transaction rules have become stricter than before. The government has made PAN and Aadhar card mandatory with deposits or withdrawals of more than Rs 20 lakh in a financial year. As of now, PAN card is required to be presented for cash deposits of Rs 50,000 or more in a day. But now with these rules, a limit of Rs 20 lakh has been set for the entire financial year.

Here is the new rule

The Modi government has made Aadhaar card or PAN number mandatory for depositing or withdrawing an amount of more than Rs 20 lakh in a financial year. That is, if you deposit or withdraw more than Rs 20 lakh in a financial year, then it will be mandatory for you to provide PAN number or biometric verification of Aadhaar. If you want to make cash withdrawal of Rs 20 lakh and above in one or more bank accounts from a bank or post office in a financial year, then you need to show PAN card and Aadhar card.

Changed rules for opening current account

Along with this, the rules regarding current account have also changed . Now to open a new current account, you have been made mandatory for Aadhar card or PAN card. Now these documents will be required to open a current account in a bank or post office. A notification has also been issued by the Central Board of Direct Taxes (CBDT) in this regard.

This will benefit from the new rule

AKM Global tax partner Sandeep Sehgal said the move is expected to bring more transparency in financial transactions. Now it will be mandatory for banks, post offices or co-operative societies to report transactions of more than Rs 20 lakh in a financial year. It is necessary to give PAN number for all the work related to Income Tax Department. At the time of transaction of large cash amount, if a person does not have PAN, he can use Aadhaar. The new rule will make it easier for tax officials to track transactions.

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