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PAN Card: The government has made PAN cards mandatory for many financial transactions. PANs are now required for investments, banking, property, and other transactions. Furthermore, the rules have been tightened.

Without a PAN card, these important tasks will be stalled.

PAN Card Mandatory: The PAN card has become a very important document today. Its use isn't limited to tax-related matters. It's used for everything from banking to buying a car or property. Without a PAN card, you won't be able to perform many important tasks.

The government has released a list of several financial transactions where PAN will be mandatory. Let's find out which tasks will require PAN?

List of works issued by the government

1. Providing a PAN card is also required for investment-related matters. If you invest more than ₹50,000 in mutual funds, bonds, debentures, or RBI bonds, you must provide your PAN number during the process.

2. Providing a PAN card is also mandatory for property and share purchases. Providing a PAN number is mandatory if you buy or sell property worth more than ₹10 lakh or deal in unlisted shares worth more than ₹1 lakh.

3. A PAN card is also essential for banking transactions. If you deposit more than ₹50,000 in cash in a single day, or issue a demand draft or pay order for the same amount, your PAN number is required during the process.

4. As per regulations, a PAN card is required for opening a bank or demat account. A PAN card is required when opening a new bank account (other than a basic account) or a demat account.

5. Insurance and Wallet: It is mandatory to provide a PAN card if you spend more than Rs 50,000 in life insurance premiums or spend the same amount in a digital wallet in a year.

6. Vehicle purchase and sale: PAN card is required for the purchase or sale of any motor vehicle except two-wheelers.

7. Luxury and travel expenses: PAN card is required for cash payment of more than Rs 50,000 in hotels/restaurants.

There has been a change in the PAN card rules.

Under the new PAN card rules, obtaining a PAN card is no longer easy. Previously, it was easy to obtain a PAN card simply by presenting a document like your Aadhaar card.

According to the new rules, documents such as a birth certificate, 10th-grade marksheet, passport, or voter ID card will now be required to obtain a PAN card. The government has taken this decision to further secure the PAN card.