Legal Question in Banking Law in India

16.09.2013

Dear Sir / Madam,

YES. But if you browse through the following RBI link, nowhere does it make a mandatory regulation to quote the PAN No. in case of cash withdrawal above Rs. 50,000/-

http://rbidocs.rbi.org.in/rdocs/notification/PDFs/56LD300611FL.pdf

But there is an indirect reference to this effect in the following Clause :

12.1 Remittance of Funds for Value Rs, 50,000/- and above -

Banks should ensure that any remittance of funds by way of demand drafts / mail /

telegraphic transfer or any other mode and issue of travellers' cheques for value of

Rs. 50,000 and above is effected by debit to the customer's account or

against cheques and not against cash payment.

Regards,