Gone are the days when there was no requirement for any proof of identity for carrying out any financial transaction. Now, it is required by almost everywhere to submit your identity proof for making investment or conducting any financial transaction. PAN card is one of the important identity proofs available to Indian people.
Nowadays, it is necessary to submit a copy of PAN Card for all the cash transactions which are more than Rs 50,000. Central Board of Direct Taxes (CBDT) has amended the income-tax rules on January 8, 2017 asking all banks to link the Permanent Account Number (PAN) or Form No. 60 (where PAN is not available) to all existing bank accounts by 28 February 2017, if not done already. Basic Savings Bank Deposit Accounts (BSBDA) are excluded from it.