PAN MUST FOR CASH PAYMENTS ABOVE ₹2 LAKH FROM JANUARY 1

NEW DELHI: From January 1 individuals will have to disclose their permanent account number (PAN) for cash transactions above Rs2 lakh and hotel bills that exceed Rs50,000. Quoting the PAN will be mandatory for those travel ling overseas while booking air tickets and paying for tour pack ages if the total amount exceeds Rs 50,000. It will also be required to open a bank account other than one under the Pradhan Mantr Jan Dhan Yojana. Individuals will only need to quote the PAN and not produce a physical copy of the card for such transactions