{"id":86091,"date":"2016-11-17T14:57:08","date_gmt":"2016-11-17T09:27:08","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=86091"},"modified":"2016-11-17T14:57:08","modified_gmt":"2016-11-17T09:27:08","slug":"demonetisation-banks-to-comply-with-rule-114b-of-income-tax-rules-1962","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/17\/demonetisation-banks-to-comply-with-rule-114b-of-income-tax-rules-1962\/","title":{"rendered":"Demonetisation: Banks to comply with Rule 114B of Income Tax Rules, 1962"},"content":{"rendered":"

Please refer to our\u00a0Circular DCM (Plg) No.1226\/10.27.00\/2016-17 dated November 08, 2016 <\/a>on the captioned subject. With a view to ensure compliance with provisions of 114B of the Income Tax Rules, 1962<\/a>, the banks are advised as under:<\/p>\n

Anybody depositing more than Rs 50,000\/- in cash in their bank account has to submit a copy of the PAN card in case the bank account is not seeded with PAN.
\nIn addition to the above provision, in the same IT Rules, PAN reporting requirements are there for other transactions, which banks need to insist upon.<\/p>\n

2. The banks are, therefore, advised to take note of the above and ensure strict compliance with the provisions of 114B of the Income Tax Rules, 1962. Relevant provision 114B of the Income Tax Rules, 1962<\/a>, is enclosed.<\/p>\n

Reserve Bank of India<\/p>\n","protected":false},"excerpt":{"rendered":"

Please refer to our\u00a0Circular DCM (Plg) No.1226\/10.27.00\/2016-17 dated November 08, 2016 on the captioned subject. With a view to ensure compliance with <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-86091","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"yoast_head":"\nDemonetisation: Banks to comply with Rule 114B of Income Tax Rules, 1962 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/17\/demonetisation-banks-to-comply-with-rule-114b-of-income-tax-rules-1962\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Demonetisation: Banks to comply with Rule 114B of Income Tax Rules, 1962\" \/>\n<meta property=\"og:description\" content=\"Please refer to our\u00a0Circular DCM (Plg) No.1226\/10.27.00\/2016-17 dated November 08, 2016 on the captioned subject. 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These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with effect from 1st November, 1998 and have been amended from time to time. The\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":120331,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/08\/cbdt-extends-time-to-submit-panform-no-60-to-banks\/","url_meta":{"origin":86091,"position":1},"title":"CBDT extends time to submit PAN\/Form No. 60 to banks","author":"Saba","date":"April 8, 2017","format":false,"excerpt":"G.S.R. 331(E).\u2014In\u00a0exercise of the powers conferred by Section 139A and Section 285BA, read with Section 295 of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income Tax Rules, 1962, namely: 1. (1) These rules may\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":98541,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/01\/11\/bank-accounts-to-be-linked-with-pan-form-no-60-by-feb-28-2017\/","url_meta":{"origin":86091,"position":2},"title":"Bank accounts to be linked with PAN & Form No. 60 by Feb. 28, 2017","author":"Saba","date":"January 11, 2017","format":false,"excerpt":"G.S.R. 14(E).\u2014In exercise of the powers conferred by Section 139A and Section 285BA, read with Section 295 of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the\u00a0following rules further to amend the Income-tax Rules, 1962, namely:\u2014 1. (1) These rules may be\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139031,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/06\/29\/aadhar-mandatory-for-pan-application-from-1st-july\/","url_meta":{"origin":86091,"position":3},"title":"Aadhar mandatory for PAN application from 1st July","author":"Saba","date":"June 29, 2017","format":false,"excerpt":"G.S.R. 642(E).\u2014In exercise of the powers conferred by Section 139A and Section 139AA, read with Section 295\u00a0of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to\u00a0amend the Income Tax Rules, 1962, namely:\u2014 1. (1) These rules may be\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":195144,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/10\/cbdt-provides-transgender-option-in-filing-of-forms-no-49a-and-49aa\/","url_meta":{"origin":86091,"position":4},"title":"CBDT provides Transgender option in filing of Forms No. 49A and 49AA\u00a0","author":"Saba","date":"April 10, 2018","format":false,"excerpt":"Vide Notification No. 18\/2018 dated\u00a09th April, 2018, CBDT has added 'Transgender' in the option to select gender while filling Form Number 49A and Form Number 49AA related to PAN application for individual resident and non-resident applicants. 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