Do I need to provide PAN card for depositing ₹2000 notes in the bank? RBI Governor clarifies.
According to the RBI Governor, there is no requirement to provide any documents for deposits and exchanges up to ₹20,000. However, it is still mandatory to provide PAN card for deposits of ₹50,000 or more, as per the previous rules.
The RBI Governor stated:
₹2000 notes will continue to be accepted as legal tender for now. The RBI is committed to addressing all customer concerns. The previous rules for deposits and exchanges will remain in effect.
When is PAN and Aadhaar necessary for transactions? PAN and Aadhaar are required for depositing cash amounting to ₹50,000 or more in one or multiple accounts in a financial year, whether in a bank, corporate bank, or post office.
PAN and Aadhaar are also mandatory for cash withdrawals of ₹20 lakh or more from one or multiple accounts in a banking company, cooperative bank, or post office within a financial year.
Furthermore, PAN and Aadhaar are required for opening a current account or cash credit account in a banking company, cooperative bank, or post office. (As stated by the RBI Governor regarding the completion of the life cycle of ₹2000 notes)
