04-Jul-2011
Source : Rediff News
Any policyholder paying a life insurance premium of Rs 50,000 or above will have to quote Permanent Account Number (PAN) from July 1.
Also, any individual buying jewelery of Rs 500,000 or above too will have to furnish PAN before the jeweler.
Currently, any transactions that involves money valued at Rs 500,000 or more require PAN, including sale or purchase of any immovable property. In addition, the sale or purchase of vehicles other than two-wheelers and bank deposits exceeding Rs 50,000 also require PAN.
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