Key Points
However, if you deposit more than Rs 50,000 in a single transaction, then you have to mandatorily quote your PAN as per income tax rules.. Rule 114B of the income tax rules makes it mandatory for an individual to quote his/her PAN if the cash deposit in a single day either with a bank or post office exceeds Rs 50,000 in a single day..
S. Vasudevan, Executive Partner of Lakshmikumaran & Sridharan Attorneys says, "Rule 114B of the Income Tax Rules already requires a person to quote PAN or Aadhaar if he/she deposits cash exceeding Rs.50,000/- in a single day with a bank or post office..
Hence, if a person makes cash deposit of Rs.20,000/- in one day and deposits another Rs.40,000/- in cash few days later, the bank or post should not ask for his PAN or Aadhar"..
As the single transaction in a day does not cross Rs 50,000, you will have to quote PAN while making a cash deposit of Rs 2000 notes..
However, if you had made a single cash deposit of Rs 70,000 (Rs 30,000 + Rs 40,000) in a single day, then the bank will ask you to quote your PAN mandatorily at the time of making the cash deposit...
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