The Reserve Bank of India (RBI) has removed Rs 2,000 notes from circulation. Individuals holding Rs 2,000 notes can now either deposit those notes in banks or deposit them in their accounts. However, if you want to deposit notes of more than a limit in your banks, then for this you will have to submit PAN card.
You will have to submit PAN card for this much amount
If you want to deposit Rs 2,000 notes above Rs 50,000 in banks, then for this you will have to provide PAN card in the bank. According to Income Tax Rule 114B, if you have to deposit more than Rs 50,000 in a bank or post office, then for this you will have to provide PAN card.
PAN card will not have to be given in this way
According to income tax rules, if you have to deposit an amount of more than Rs 50,000 in a bank or post office within a day, then for this you will have to make PAN card available. If you deposit Rs 40,000 thousand in bank or post office in one day and then deposit Rs 10,000 the next day, then you will not have to submit PAN card.
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Only this amount can be deposited in the bank
However, if you want to deposit Rs 2,000 notes in banks, then you can deposit only Rs 2,000 notes up to Rs 20,000. That is, you can deposit only 10 two thousand rupee notes in a day. Also you will have to provide PAN for this limit. The government has made PAN or Aadhaar mandatory if cash deposits or withdrawals exceed Rs 20 lakh in a financial year. The notification was issued by the Central Board of Direct Taxes (CBDT) on May 10, 2022 and the new rules became effective from May 26, 2022.