The PAN requirement for non-luxury cash transactions will be Rs 2 lakh. However, in a relief to small investors, the requirement of furnishing PAN for making post office deposit of over Rs 50,000 has been dispensed with.

PAN will also be mandatory on purchase of immovable property of Rs 10 lakh. This will be a relief to small home buyers as previously the government had proposed to make PAN quoting mandatory for purchase or sale of Rs 5 lakh.

Unveiling the new norms, Revenue Secretary Hasmukh Adhia said purchasing of jewellery or bullion, a major source of blackmoney, quoting of PAN would be required if the sum involved is Rs 2 lakh per transaction. Currently, it is required for transaction of Rs 5 lakh and above.

PAN would also be mandatory for cash payments of more than Rs 50,000 for cash cards or prepaid instruments as well as for acquiring shares of unlisted companies for Rs 1 lakh and above.

In the Lok Sabha, Finance Minister Arun Jaitley said the government will soon issue a notification making quoting of PAN mandatory for all cash and card transactions beyond Rs 2 lakh.

Read more: PAN will be must for transacting cash beyond set limit: Arun Jaitley

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