PTI
New Delhi
To check generation of domestic black money, the government will soon make it mandatory to furnish PAN card details for cash transactions beyond a certain threshold.
"The government is at an advanced stage in considering the requirement of furnishing PAN card details if cash transactions beyond a certain limit are undertaken," FM Jaitley said on Sunday on a social networking site.
In 2015-16 Budget, the Finance Minister had proposed making quoting of Permanent Account Number (PAN) mandatory for all sale and purchase of over Rs 1 lakh.
"Quoting of PAN is being made mandatory for any purchase or sale exceeding the value of Rs 1 lakh. The third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions," Jaitley had said.
Thereafter, the government had received representations from various persons, including MPs, MLAs, trade and industry associations among others, against the proposed mandatory quoting of PAN for sale or purchase in excess of Rs 1 lakh.
Stressing that bulk of black money is still within India, Jaitley said there was a need to change the national attitude so that plastic currency becomes the norm and cash an exception and the government is working with various authorities to incentivise this change.
