Banks asked to obtain PAN from account holders

The Union Finance Ministry on 8 January 2017 amended the Income-tax Rules, 1962 to allow banks to obtain and link PAN or Form No 60 in all existing bank accounts by 28 February 2017.
●    The amended rules are referred as Income-tax (33rd Amendment) Rules, 2016.
●    Earlier in December 2016, RBI mandated that no withdrawal will be allowed from the accounts having significant deposits, if PAN or Form No 60 is not provided in respect of such accounts. 
●    This means that the banks will be required to provide details of cash deposits of Rs 2.5 lakh or more in individual accounts. 
●    In case of current accounts, banks and post offices will have to furnish details of accounts where deposits are 12.5 lakh and above.
●    It has also been provided that people, who are required to obtain PAN or Form No 60, should record the PAN in all the documents and reports submitted to the Income-tax Department.