So the taxman is back. Rule 161 of the Draft Income Tax Rules 2026 targets big Cash transactions. The goal? Clear trails. In fact, the state wants to stop tax theft. Plus, the Street is talking.

New Cash Limits

But here is the main part. You need a PAN for cash in of ₹20 lakh or more. Is it per year? Yes. And this limit counts all your bank accounts. Consequently, banks will watch every note.

Moreover, the rules changed for cash out too. Now, taking out ₹20 lakh in cash needs a PAN card. Before, some gaps remained. So post offices and small banks must now check your ID. There is no hiding.

Summary of 2026 PAN Rules for High-Value Transactions

New Bank Rules

Still, new accounts have hurdles. You need a PAN to start a current account. The task? A must. And the job of checking lies with the banks. Accordingly, they must check your data fast.

But some people get a pass. Specifically, the State and Central Govts are exempt. Why? Law. Plus, foreign consuls do not need to show a PAN. Essentially, they sit outside these draft rules.

Global Rules

Then there is the IFSC case. Non-residents using IFSC units might avoid the PAN trap. The rule? No Indian tax due. And global firms get this same perk in the IFSC zone. Indeed, it keeps Gift City busy.

Worth noting: The Tax Chief handles all digital checks. They track the prints of your cash. So if you move 50 grand in bags, have your card ready. Ultimately, the tax office is watching.

Frequently Asked Questions (FAQs)

Do I need a PAN for cash transactions of ₹20 lakh or more? So the answer is yes under the 2026 rules. Because of this, you must show your PAN for big cash deals.

Who is exempt from quoting PAN for large cash transactions? In fact, the State and Central Govts are free from this rule. Additionally, some global units in IFSC zones are also exempt.

What happens if I deposit ₹30 lakh without a PAN? But the bank will block the deal. Consequently, they must check your PAN before they take the cash.

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Cash Advance Fee

When you withdraw money from a credit card, the bank charges a cash advance fee, which is usually 2% to 3% of the withdrawn amount. This fee is added to your credit card statement. For example, if you have withdrawn ₹10,000 and the bank charges 3% cash advance fee, you will have to pay ₹300 extra.

Calculating Interest Rate

Interest is charged immediately on withdrawal of money from a credit card, while interest on purchases is charged after some time. This interest rate can be 24% to 48% per annum, which is applicable from the day of withdrawal. If you do not pay on time, the burden of interest can increase even more.

No grace period benefit

Usually, there is a grace period of 20 to 50 days on purchases made with a credit card, during which you do not have to pay interest. But this grace period does not apply when withdrawing cash.

Cash Limit

Every credit card has a cash limit, which can be anywhere from 20% to 40% of your total credit limit. Withdrawing more than this amount may result in a failed transaction.

Impact on Credit Score

If you do not repay the cash advance on time, it can affect your credit score. A bad credit score can cause problems in getting a loan or a new credit card in the future.

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Through Aadhaar ATM, any person can easily make transactions using his biometric identity. For this, it will be necessary to link the bank account with Aadhaar card. Through this facility, apart from cash withdrawal, other tasks will also be done easily. Let us tell you if you live in a rural or urban area and you are unable or unable to go to your nearest bank or ATM. Apart from this, people who are old, helpless or helpless will now be able to easily withdraw cash through Aadhaar ATM sitting at home.

Rajesh Kumar, Postal Superintendent of Purnia Division Post Office, told Local 18 that India Post Payment is a special facility of the bank. It provides cash to customers sitting at home. India Post Payment Bank has started ATM facility on online basis. With its help, any bank customer will be able to pass cash sitting at home. They will not need to go to the bank or the nearest ATM booth.

In this service, the local postman will deliver cash at home. However, he said that this payment service is completely based on the Aadhaar system. Through this, any person can make transactions using his biometric identity. For this it is necessary to link the bank account with Aadhar card. Apart from cash withdrawal, balance check and account details can also be done through this facility.

Cash ordering process

To get cash sitting at home, first you have to apply by visiting the website of India Post Payment Bank. After this the postman will reach your home with the micro ATM. The customer will have to use only biometric identification, Aadhar card will not be required. As soon as the identity is verified, the postman will give you the cash amount and this money will be deducted from the bank account of a customer like you.

Maximum amount will be withdrawn in one day

According to India Post Payment Bank, no fee will be charged from customers for asking for cash at home. There will be no charge for using the door step service. He said that according to the National Payments Corporation, the maximum transaction limit on one time transaction has been fixed at ₹ 10000. Customers have to select the correct bank for the transaction. The amount will be deducted from the primary account only. If wrong Aadhaar details are entered or wrong bank is selected then the transaction will be rejected and cancelled.

Apply like this to get cash sitting at home

To avail the benefit of Door Step Aadhaar ATM service, first of all you have to go to the website (https://ippbonline.com) and choose the option of Door Step Banking. Here you will have to enter your name, mobile number, email ID, address and pin code and the correct details of the post office nearest to your home and the name of the bank account from which the money will be withdrawn. After this you will have to click on the option of ‘I Agree’.

Income Tax Department has started a new facility, crores of people will benefit from this.

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According to the bank, while completing the transaction, the bank customers will have to share the OTP while withdrawing cash from the ATM, so that it is ensured that the ATM user is the right user. OTP is a system-generated four-digit number that the bank will send to the customer’s registered mobile number. This OTP will authenticate the cash withdrawal and will be valid for only one transaction.

OTP cash withdrawal started from January 1, 2020

The country’s largest lending bank SBI had started OTP-based cash withdrawal services from January 1, 2020. SBI has been creating awareness about ATM frauds through social media and other platforms from time to time. It is appealing to all its customers to avail the service.

OTP will be required in transactions of 10 thousand or above

Now this service will come in handy for SBI customers at the time of withdrawing cash from ATMs. SBI made these rules in view of the increasing fraud, cyber crime. Let us tell you that customers withdrawing Rs 10,000 or more in a single transaction from SBI ATMs will require OTP to complete the transaction.

Withdraw cash using OTP

You must have your Debit Card and Mobile Phone while withdrawing cash from SBI ATM OTP will come Enter the OTP received on your phone on the ATM screen After entering the valid OTP, the transaction will be completed

The post ATM Cash Withdrawal Rules Change: Attention SBI customers, now the method of withdrawing cash from ATM has changed, read full details first appeared on Rightsofemployees.com.