Kumari Palany & Co

PAN card is mandatory for withdrawal above Rs 2 lakh

Posted on: 17/Dec/2016 10:13:39 AM
The Reserve Bank of India has imposed new rules for cash withdrawal above Rs 2 lakh for funds deposited after 9th November. On 8th November, the central government had announced withdrawal of Rs 500 and Rs 1000 notes and banned them. For funds deposited above Rs 2 lakh from the very next day (9th November), there are new rules imposed by the RBI.

Accordingly, it is stated that PAN card is compulsory for withdrawing cash above Rs 2 lakh from funds deposited after 9th November. Either PAN card or income tax form 60 should be provided for withdrawal above Rs 2 lakh.

Account holders who have above Rs 5 lakh should also sync their PAN card with their bank account.

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