Quoting PAN or Aadhaar number will be mandatory for making cash deposits and withdrawals exceeding Rs 20 lakh in a financial year while opening current account or cash credit account in a bank. The new rule will come into effect on May 26. The Central Board of Direct Taxes (CBDT) issued a notification on May 10, 2022 for the same. According to CBDT mandatory furnishing of PAN or Aadhaar will be necessary for the following transactions: cash deposits or withdrawals of Rs 20 lakh or more in a financial year in the account of one or more person of a particular bank or a post office; the opening of a current account or cash credit account by a person with a bank, a co-operative or post office.Also, PAN or Aadhaar number along with demographic information or biometric information of an individual need to be submitted to the Principal Director General of Income Tax (Systems) or Director General of Income Tax (Systems) or the person authorised by the Principal Director General of Income Tax (Systems) or Direct General of Income (Systems) with the approval of Board for the purposes of authentication referred to in section 139A. It is to be noted that the limit of Rs 20 lakh is for deposits as well as for withdrawals which means that there is a separate limit of Rs 20 lakh for deposits other than Rs 20 lakh limit for withdrawals. In case there is more than the account in a bank, then deposits and withdrawals from each such account will taken into consideration while calculating the limit of Rs 20 lakh. Also, any person wishes to do such as transaction will have to apply for the allotment of PAN at least seven days before the date of transaction. The government intends to put unaccounted cash transactions. PAN Card will allow the government to track such transactions easily.