Deposits exceeding Rs 2 lakh without linking PAN won't be operational

RBI says if bank account is not linked with PAN then balance of more than five lakh will not be operated

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) will not be able to operate their respective bank accounts.

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

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