Current Mandatory Requirements to quote PAN number

With effect from January 1, 2016, it is mandatory to quote the permanent account number (PAN) for all transactions above Rs. 2 lakh for all modes of payment. Only bank accounts opened under the Pradhan Mantri Jan Dhan Yojana have been exempted. But all other bank accounts and all kinds deposits will have to quote PAN. PAN will be mandatory for purchase of prepaid cards worth Rs. 50,000 or more in a year. Purchase of gold jewellery worth above Rs. 2 lakh (Rs. 5 lakh current limit) would also need PAN. The limit for quoting PAN for sale or purchase of real estate property has been raised to Rs. 10 lakh from Rs. 5 lakh. PAN needs to be quoted only for a cash payment for a hotel or restaurant bill and foreign travel or purchase of forex of Rs. 50,000 (current limit Rs. 25,000).