Twists have been very common since the time demonetization has been announced. Earlier, the government had announced that people can deposit Rs 2.5 lakhs in their bank accounts and they won’t be questioned.
However, the rules have been tightened by RBI for all bulk deposits that have been made post 9th of November. Yes, if the deposits that are made after the 9th of November exceed Rs 2 lakhs and if the PAN card number isn’t mentioned, the account can’t be operated.
For operating such accounts, it is mandatory to link the PAN card; the form 60 should be submitted as well. It has also been stated by the RBI that if a bank account hasn’t been linked to the Pan card and if the balance exceeds Rs 5 lakhs, it can’t be operated if form 60 isn’t submitted to the bank.
Many a times, bank accounts are opened only with a photograph and signature or thumb impressions in presence of a bank officials; in such accounts there are deposits above 2 lakhs. Hence, the government has stated that if there are deposits of over Rs 2 lakhs in such accounts and if the total is around Rs 5 lakhs, then PAN card is a must.
The banks and non-financial institutions must ensure compliance towards KYC, including quoting of Form 60 or PAN.
In a statement, RBI said “Debit transaction, transfer or otherwise shall not be allowed in accounts which do not comply with these requirements.”
Here are the tweets;
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