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Posted at: Dec 16, 2016, 2:35 PM; last updated: Dec 16, 2016, 3:31 PM (IST)

Deposits exceeding Rs 2 lakh without linking PAN won’t be operational, says RBI

Deposits exceeding Rs 2 lakh without linking PAN won’t be operational, says RBI
The RBI issues guidelines

New Delhi, December 16

In yet another step to curb black money and prevent illegal transactions, the Reserve Bank of India (RBI) on Friday announced that those who deposited over Rs 2 lakh after November 9 without Permanent Account Number (PAN) would not be able to operate their respective bank accounts.

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The central bank said if one had not linked his/her PAN with his bank account then the balance of more than Rs 5 lakh would not be operated and they would have to fill Form 60.

The RBI said it would be mandatory for banks to take the PAN details of holders of small accounts. It will be applicable to everyone whose deposits after demonetisation had exceeded Rs 2 lakh and the total balance is Rs 5 lakh. ANI

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