New Delhi, January 8: The Income Tax department on Sunday asked the banks to report the cash deposited in savings accounts between April 1 and November 9, 2016. The decision has been taken in order to analyse the banking transactions which took place before the demonetisation move announced on November 8.
The banks have also been directed to ask the account holders who failed to furnish the Permanent Account Number (PAN) or Form 60 at the time of opening up the bank account to do so by February 28 this year.
According to the notification by the Income Tax department, the banks, cooperative banks and post offices will have to report about all the cash transactions that took place between April 1 and November 9, 2016.
They are further asked to document PAN or declaration of Form 60 received from the account holders and maintain all records for transactions under Rule 114 B of I-T Act which lists several transactions for which quoting the PAN is mandatory.
Thus, people who did not furnish PAN or Form 60 during opening the account will have to provide the same by February 28. Prime Minister Narendra Modi on November 8 announced the scrapping of old Rs 500 and Rs 1,000 notes and introduced new currency of Rs 500 and Rs 2,000.