mandatory quoted pan no. Related section

[shweta Jain]

A bank require from customer his pan no. If cash deposit exceeds 50000 under what section .is it mandatory I in nature or not?

AI Summary

Mandatory PAN Quoting for Cash Deposits Over 50,000: RBI KYC Guidelines Require Form 60/61 if PAN Unavailable. A customer inquired about the mandatory requirement for quoting a PAN number when making cash deposits exceeding 50,000 at a bank. The response referenced a Reserve Bank of India circular reiterating KYC guidelines, stating that quoting a PAN number is mandatory for opening an account or making a time deposit of 50,000 or more. If a person does not have a PAN number, they must submit a declaration in Form No. 60/61.