Adhaar becomes mandatory for IT returns and applying for PAN
The Financial bill was amended which also states that the PAN would lose its validation, if one fails to provide Adhaar number.
However, Adhaar enrollment number could be used to file income tax returns.
The Central government also reduced the cap on cash transaction to two lakhs from earlier three which was proposed in the Union Budget 2017.
The Revenue Secretary Hasmukh Adhia told Hindustan Times that the step has been taken on Tuesday to control the flow of black money.
"The difference between demonetisation and this is that the former is used to destroy the stock of black money while the ban will prevent the future flow of black money. If you cannot transact beyond a limit in cash, where will you use your black money? This limit will reduce the quantum of cash transactions in the economy," he said while speaking to HT.
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