300% jump in PAN applications post note ban: CBDT
Posted on 2018-10-26 21:35:35
There was a 300 percent bounce in the quantity of uses for PAN (Permanent Account Number) post demonetisation, the CBDT said on Tuesday.
Focal Board of Direct Taxes (CBDT) Chairman Sushil Chandra said while there were around 2.5 lakh PAN applications for each month sooner after the Center declared to scrap high-esteem cash notes in November a year ago, the number rose to 7.5 lakh.
He included that the division was taking various measures to control dark cash and that means, for example, no money exchange of above Rs 2 lakh was a move toward that path.
"Every one of these measures and demonetisation will go about as answers for check the utilization and age of dark cash in the nation.
"An ever increasing number of individuals applying for PAN implies they need to keep their organizations and budgetary exchanges clean," the CBDT boss said.
Container is a 10-digit alphanumeric number, or, in other words the Income Tax (IT) division to an individual, firm or element. Around 33 crore PAN cards have been issued in the nation till now. Apply here for duplicate pan card. https://panseva.com/
The CBDT is the approach making body of the I-T division.
