Ministry of Railways has decided to incorporate downloaded Aadhaar (e-Aadhaar) as prescribed proof of identity at par with printed Aadhaar card as mentioned in the list of prescribed proofs of identity which are valid for undertaking journey in trains in reserved class. Railway passengers may carry anyone of the below identity proof while travelling in reserved class coaches :

1.Voter Photo Identity Card issued by Election Commission of India

2.Passport

3.PAN Card issued by Income Tax Department

4.Driving Licence issued by RTO
5.Photo Identity Card having serial number issued by Central/State Government.

6.Student Identity Card with photograph issued by recognized School/College for their Students.

7.Nationalised Bank Passbook with Photograph

8.Credit Cards issued by Banks with laminated photograph

9.Printed unique identification card “Aadhaar” or downloaded Aadhaar (e-Aadhaar).

10. Ration Card with photograph of passenger travelling.

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Rules regarding quoting of PAN for specified transactions amended

The Government is committed to curbing the circulation of black money and widening of tax base. To collect information of certain types of transactions from third parties in a non-intrusive manner, the Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit. Persons who do not hold PAN are required to fill a form and furnish any one of the specified documents to establish their identity.

One of the recommendations of the Special Investigation Team (SIT) on Black Money was that quoting of PAN should be made mandatory for all sales and purchases of goods and services where the payment exceeds Rs.1 lakh. Accepting this recommendation, the Finance Minister made an announcement to this effect in his Budget Speech. The Government has since received numerous representations from various quarters regarding the burden of compliance this proposal would entail. Considering the representations, it has been decided that quoting of PAN will be required for transactions of an amount exceeding Rs.2 lakh regardless of the mode of payment.

To bring a balance between burden of compliance on legitimate transactions and the need to capture information relating to transactions of higher value, the Government has also enhanced the monetary limits of certain transactions which require quoting of PAN. The monetary limits have now been raised to Rs. 10 lakh from Rs. 5 lakh for sale or purchase of immovable property, to Rs.50,000 from Rs. 25,000 in the case of hotel or restaurant bills paid at any one time, and to Rs. 1 lakh from Rs. 50,000 for purchase or sale of shares of an unlisted company. In keeping with the Government’s thrust on financial inclusion, opening of a no-frills bank account such as a Jan Dhan Account will not require PAN. Other than that, the requirement of PAN applies to opening of all bank accounts including in co-operative banks.

The changes to the Rules will take effect from 1st January, 2016.

The above changes in the rules are expected to be useful in widening the tax net by non-intrusive methods. They are also expected to help in curbing black money and move towards a cashless economy.

A chart highlighting the key changes to Rule 114B of the Income-tax Act is attached.

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PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PFRDA/2013/11/PDEX/7

May 22, 2013

To,
All POP’s, Aggreators, CRA, Central and State Governments,

Dear Sir Madam,

Sub: 1. KYC documents required for entry & exit of National Pension System – Addendum.
2. Making PAN Card a Mandatory requirement for opening and operation of Tier II account

Pursuant to PFRDA’s earlier circular no PFRDA/2013/1/PDEX/25 dated 11.01.2013 with respect to revised list of Know Your Customer (KYC) documents required for both entry and exit under National Pension System, it has been decided to include below mentioned documents in addition to the acceptable KYC documentation, on the basis of feedback received from various entities registered under NPS:

Identification Proof	Identity card issued by Central/State government and its Departments, Statuary/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, Public Financial Institutions, Colleges affiliated to Universities and Professional Bodies such as ICAI, ICWAI, lCSl, Bar Council etc.
Address Proof	The identity card/document with address, issued by any of the following: Central / State Government and its Departments, Statuary/Regulatory Authorities, Public Sector Undertakings, Schedules Commercial Banks, Public Financial Institution for their employees.

2. It has also been decided to make submission of PAN Card a mandatory requirement for opening and operation of a Tier II account for all sectors under NPS with immediate effect to ensure compliance with AML/CFT guidelines.

CIRCULAR

In pursuance of this, all existing Tier II accounts under NPS need to be made PAN compliant. The subscribers would be given a time period of 3 months from the date of issuance of this circular, after which the operation of such account would be suspended till the requirement is complied with.

This is for the information of all concerned. The circular has also been placed on PFRDA website at http://www.pfrda.org.in and CRA website at http://www.npscra.nsdl.co.in.

Yours faithfully,
Sd/-
Venkateswarlu Peri
General Manager

Source: www.pfrda.org.in

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