To exchange ₹ 2000 notes beyond a limit, you will have to provide PAN card details. Image Credit source: Reuters
At present, ₹ 2000 notes are being exchanged in banks across the country. Regarding this, the Reserve Bank of India (RBI) has also made some rules like 10 notes of 2000 rupees can be easily changed in the bank. Only ₹ 2000 notes up to the value of ₹ 20,000 can be exchanged at a time. But do you know that to exchange 2000 rupees notes more than a limit, you will also have to give PAN card details.
According to the rules made by the Reserve Bank of India for changing ₹ 2000 notes, any number of ₹ 2000 notes can be deposited in the bank account. After that the amount can be withdrawn as per your need. However, along with this it has also been said that in this situation the general rules of bank deposits will also be followed.
read this also: Pen-cardboard will be made from your ₹ 2000 note after reaching RBI
PAN card will be applied for changing 25 notes
If you are going to deposit ₹ 2000 notes worth more than ₹ 50,000 in your bank account, then you will have to give PAN card details in the bank. Yes, according to Rule 114B of the Income Tax Act, if a person deposits cash of more than Rs 50,000 in a day through his bank account or post office, then he has to provide PAN card details.
According to this, if you are going to deposit 25 or more notes of ₹ 2000 in your account, then you will have to give the details of PAN card. However, if you deposit an amount of less than Rs 50,000, you are exempted from this rule of showing PAN card.
See also: Different banks are following different rules to exchange ₹2000 note, know here
More notes can be changed like this
Now if you want to exchange ₹ 2000 notes in bulk without giving PAN card details, then you will have to visit the bank for more than one day. You can deposit Rs 40,000 a day and then after a few days Rs 40,000 again in the bank account. In such a situation, you can exchange ₹ 2000 notes worth Rs 80,000 without giving PAN card details, because you are depositing only Rs 40,000 in cash in a day.
Let us tell you, if you deposit or withdraw cash of more than Rs 20 lakh in your account in a financial year, then you have to give the details of PAN card and Aadhaar number. In this regard, the Central Board of Direct Taxes (CBDT) issued a notification on 10 May 2022. This rule is applicable in the country from 26 May 2022.