Govt mulls lowering limit for quoting PAN for cash transactions to Rs 30,000
Govt mulls lowering limit for quoting PAN for cash transactions to Rs 30,000 In a move aimed at pushing cashless transactions and expanding its ambit of bringing more transactions into the formal economy, the government is learnt to be considering a cut in the current limit of quoting PAN number for cash transactions. In a move aimed at pushing cashless transactions and expanding its ambit of bringing more transactions into the formal economy, the government is learnt to be considering a cut in the current limit of quoting PAN number for cash transactions. According to an Economic Times report, the government may reduce the threshold for quoting PAN for cash transactions from Rs 50,000 to Rs 30,000. The last enhancement in the daily cash withdrawal limit from the ATMs was made on the New Year’s day when RBI increased it from Rs 2,500 to Rs 4,500 per day.
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