Bank deposits exceeding Rs 2 lakhs without pan card details can't be operated without filling form 60, says RBI

Reserve Bank on India tighten the noose around bulk deposits made after demonetisation without mentioning pan card. Deposits made after November 9 exceeding 2 lakhs, without mentioning pan card number will not be operated, reported ANI.

To operate the such account the pan has to be linked or the account holder should need to submit form 60.

The RBI has also added that bank account that do not have pan card details and have balance of more than 5 lakhs can't be operated,untill form no. 60 is submitted to the bank.

RBI has been tweaking rules after November 8 Prime Minister Narendra Modi’s demonetisation move to check blackmoney laundering and  illegal deposits in the bank.