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PAN mandatory for transactions over two lakh w.e.f today

by IBNS 01 Jan 2016, 08:37 am

New Delhi, Jan 1 (IBNS) According to a newly imposed rule by the Finance Ministry, any transaction exceeding the two lakh INR barrier will require one to show the Permanent Account Number (PAN) card, starting from today.

Arun Jaitley, Union Finance Ministry had earlier said during  a Parliamentary session that it is a move to curb down India's black money.

Meanwhile, the new law has already been opposed by certain sections of the society, as they are unhappy with the move fearing a backlash from the rural sector.

The All India Gems and Jewellery Trade Federation (GJF) Director Bachhraj Bamalwa said, "This is not practical and will discriminate 70% of the rural buyers including farmers as they do not fall under tax net and do not have PAN cards. As of today, there are approx. 23 crore PAN cards issued in India for a population of approx.125 crore. Will it be justifiable to ask for a pan card to approximately 90% of the population who do not possess one? The gems and jewellery sector is not the generator of black money."