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why is pan card needed to deposit more than 50000 rs in bankaccount in india ?

ANSWER TO THE ABOVE QUESTION As per Government policy it is necessary to provide PAN card while depositing cash of 50,000 or more in Indian banks It is common in all countries to have a fixed limit above which are transactions are tracked and valid proof of identification is necesssary In India, the requirement is you need to provide your PAN card. This helps in identifying the person making the high value transactions if the government at a future needs to investigate.

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