300% jump in PAN applications post demonetisation, says CBDT
New Delhi: There was a 300% jump in the number of applications for Permanent Account Number (PAN) post demonetisation, the CBDT said on Tuesday.
The Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said while there were around 2.5 lakh PAN applications per month earlier, after the government demonetisation in November last year, the number rose to 7.5 lakh.
Chandra further said that the CBDT was taking a number of measures to curb black money and that steps such as no cash transaction of above Rs2 lakh was a move in that direction. “All these measures and demonetisation will act as solutions to curb the use and generation of black money in the country. More and more people applying for PAN means they want to keep their businesses and financial transactions clean,” the CBDT chief said.
PAN is a 10-digit alphanumeric number, which is alloted by the Income Tax (IT) department to an individual, firm or entity. About 33 crore PAN cards have been issued in the country till now. The CBDT is the policy-making body of the I-T department.
- Homelane buys interior design firm Capricoast for Rs90 crore
- JSW Steel exploring tie-ups to acquire stressed assets
- Boeing to hire 800 direct employees in India over next two years
- Taaleri eyes Fortum’s solar power projects in India
- SunEdison’s Pashupathy Gopalan may join UK’s Lightsource Renewable Energy