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Pan Compulsory For Hotel Bills & Foreign Travel Tickets Over Fifty Thousand Rupees

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In order to check and tighten generation of black money in the country, the Indian government would enforce a new financial regulation which will make it mandatory for the people to give their Permanent Account Number information for foreign travel tickets and hotel bills exceeding Rs 50,000. This new rule will be enforced by the Indian government from 1st Jan, 2016. It must be noted that the previous limit was actually Rs 25,000 which will now be raised to Rs 50,000. This financial decision has been taken in order to check and decrease generation of black money in India. The Pan Card information will be mandatory for cash payments over Rs 50,000 for prepaid cards and cash cards. Moreover, if anyone wants to obtain shares or stocks of any unlisted company for more than Rs 1 lakh, he has to show his Necessary of Pan Card details. In addition, the pan card details will now be mandatory to open any type of bank account, but this rule will not apply for Jan Dhan Yojana.     

The Pan Card number has also been made mandatory for purchase and sale of any type of goods or services exceeding Rs 2 lacs. The Supreme Court made the ruling in this regard and a Special Investigating Team (SIT) was appointed to eliminate black money in the country. Finance Minister Arun Jaitley also made a point in this respect in his budget speech in the parliament on Feb 28, 2015. The Indian government has made elaborate plans to curb the flow of black money and extending tax base for the betterment of the people. In order to obtain information and details on specific kinds of monetary transactions from 3rd parties, income tax regulations necessitate that PAN Card Online information should be compulsory for transactions over determined financial limit.

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