Now Pan details will become compulsory on transaction of 5 lakhs or more if you buy gold in cash!

The finance ministry is planning to make quoting of the permanent account number (PAN) mandatory for more transactions in order to avoid black money transactions.

The income tax department may make quoting of PAN in documents for sale and purchase of bullion or jewellery involving cash transfer of Rs 5 lakh or more mandatory.

Rules are being changed with regard to PAN requirement in cash transactions to track the investment pattern of high net worth individuals.

Source: Business Standard