Pan card mandatory for transactions above Rs 1 lakh

April 01, 2015 15:11

The Union Finance ministry has made the use of a pan card mandatory for any transaction above Rs 1 lakh. The Revenue Secretary issued a circular to all the secretaries to the government of India and to Chief Secretaries quoting the Finance Minister's Budget speech with this new proposal.The rule comes into effect today.

The Pan card will be issued in a week from the day of application and the registration for a new car can be done online. According to Arun Jaitley only 21 crore citizens have a Pan card and the government aims to achieve a target of 50 crore by the next fiscal. This is aimed at curbing black money.

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