Be Careful, Somebody Could Misuse Your PAN Card To Deposit Rs 500 And 1000 Notes

One needs to sign on the photocopy of the PAN Card and write the amount before depositing Rs 500 and Rs 1000 notes.

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An interesting whattspp conversation that is being circulated is between a business men and a bank manager, wherein the bank manager states that he can convert a lot of the Rs 500 and Rs 1000 (probably black money) by utilizing somebody else's PAN Card photocopy.

Be Careful, Somebody Could Misuse Your PAN Card To Deposit Rs 500 And 1000 Notes
Is it really possible? Of course it can, which would ultimately result in income tax scrutiny for the individual whose PAN Card has been misutilized.

So, all one needs to do while surrendering Rs 500 and Rs 1,000 notes is to make sure that you sign the PAN card photocopy several times, write the number of notes of Rs 500 and Rs 1,000 (write the total amount as well) and hand-over to the bank.

That way no one would misutilize your PAN card photocopy.

Prevention is better than cure.

GoodReturns.in

Read more about: currency
Story first published: Thursday, November 10, 2016, 15:33 [IST]
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