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PAN mandatory for credit card application

PAN may become mandatory for all financial instruments

Apnaloan.com Research Bureau

24 Mar 2008

Quoting PAN card number has been made mandatory for credit card application. Finance Ministry is groping various financial products to make PAN mandatory. It will support to avail information of taxpayer and detect evasion.

As reported by The Economic Times, Finance Minister P Chidambaram in his budget speech had said, "The fear of the PAN has virtually disappeared. PAN is now the sole identification number for all participants in the securities market. I propose to extend the requirement of PAN to all transactions in the financial market subject, however, to suit threshold exemption limits."

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