New Amendment makes it compulsory to show Pan Card for any payment of Rs. five lakh or more for purchase of bullion or jewellery.

New Amendment makes it compulsory to show Pan Card for any
payment of Rs. five lakh or more for purchase of bullion or jewellery.

As per the amendments in the income tax rules, coming into effect from July 1, quoting PAN (Permanent Account Number) will be mandatory for any payment of Rs. five lakh or more for purchase of bullion or jewellery.


Its very good move by government of India as it will stop the use of black money but this will certainly reduce the purchase of jewellery by using black money.

Currently in India Banks only ask the Pan Number when issue Credit Card, but as per new amendments for getting Debit Card also PAN (Permanent Account Number) has become mandatory.

From tomorrow the payment of Rs. 50,000 or more in a year for life insurance premium would also require PAN

Currently following transactions require the Pan Card

1.
sale or purchase of any immovable property valued at Rs. five lakh or more

2.
sale or purchase of motor vehicles other than two- wheelers


3.
bank deposits exceeding Rs. 50,000

4.
telephone connection applications


5.
opening of bank accounts

6.
hotel and restaurant bills of over Rs. 25,000


7.
mutual fund investments of Rs. 50,000 and above

Suggested Reading –
Know 21 Important Facts about Permanent Account Number (PAN) Card –

http://realityviews.blogspot.com/2010/03/know-21-important-facts-about-permanent.html

Reality views by sm-
Thursday, June 30, 2011

Tag – Pan Card Important Fact Amendment Jewellery Debit Card Rs.5 Lakh