NEW DELHI: Permanent Account Number (PAN) will be a must for all transactions, including purchase of jewellery, above Rs 2 lakhs in cash or through card with effect from January 1, 2016.Furnishing PAN will be mandatory from Friday for cash transactions such as hotel or foreign travel bills exceeding Rs 50,000
PAN will also be mandatory on purchase of immovable property of over Rs 10 lakh. This will be a relief to small home buyers as previously the government had proposed to make PAN mandatory for property worth Rs 5 lakh.
Quoting of PAN will also be mandatory for term deposits exceeding Rs 50,000 at one go or Rs 5 lakh in a year with banks, Post Offices and NBFCs.
The notification said PAN would be mandatory for payments of more than Rs 50,000 for cash cards or prepaid instruments as well as for acquiring shares of unlisted companies for Rs 1 lakh and above.
It has also been made mandatory for opening all bank accountS.But Pradhan Mantri Jan Dhan Yojana accounts are exempted.
NEW DELHI: Pakistani singer Adnan Sami has been officially granted Indian citizenship. The Union minister of state for home affairs, Kiren Rijiju, handed over the document of citizenship to the singer on Friday. Sami has been granted Indian citizenship with effect from January 1 following his request to the Centre to legalise his status in the country on humanitarian grounds.
The Supreme Court-appointed Lodha committee will submit it’s report by January 4 on reforms in the BCCI and the Indian cricket administration. The committee is headed by former Chief Justice of India Mr. R.M. Lodha.
Justice Lodha, the chairperson of the three-member committee, said the report would be first filed in the Supreme Court Registry on January 4. The report may change the destiny of the game and its administration for the better. The committee, consisting of two other former Supreme Court judges Ashok Bhan and R.V. Raveendran, was set up by the court through a judgment delivered on January 22, 2015 to usher in reforms in the BCCI. Any decision by the committee would be “binding on the BCCI”, the court had said.The Lodha Committee was formed on January 22, 2015 by the Supreme Court.The Lodha Committee’s mandate was to find ways to restructure BCCI as well as the administration of cricket in India.
