New rule for financial transactions over Rs. 50000
Posted on: 23/Oct/2017 12:17:41 PM
The central government has ordered the banks to verify the identity copies furnished by those who do financial transactions of over Rs. 50000 by checking with the original documents of ID proof.
Furnishing ID proof and PAN card details have been made mandatory for those who transact financial amounts over Rs. 50000.
Now, the central government has ordered the banks to check the above proofs and verify the same with the originals.
In the Central Government Journal, an announcement has been published regarding this explaining that the banks should check and verify the ID proof and PAN card copies by checking with the originals from the customers.
