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July 2011

Amendment in Rule 114B relating to furnishing of PAN for certain transactions — Notification No. 27/2011 [F.No. 149/122/2010- SO(TPL)], dated 26-5-2011.

By Pinky Shah, Sonalee Godbole, Chartered Accountants
Reading Time 1 mins
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The Rule is amended to provide that in addition to transactions prescribed in the Rule, every person shall quote his PAN in the following trans-actions:

(a) Payment in cash for travel to an authorised person as defined in clause (c) of section 2 of FEMA, 1999.

(b) Making an application to any banking company or to any other company or institution for issue of a debit card.

(c) Payment of an amount aggregating to Rs. 50,000 or more in a year as life insurance premium to an insurer.

(d) Payment to a dealer of an amount of Rs.5 lakh or more at any one time or against a bill for an amount of Rs.5 lakh or more for purchase of bullion or jewellery.

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