PAN details Current Affairs - 2020

FIU to get PAN data from Income Tax Department to check suspicious large transactions

The Financial Intelligence Unit is the nodal agency authorized to obtain cash transaction reports from private and public sector banks. The FIU receives reports every month to analyse suspicious cases. Highlights This time, the Income Tax Department has allowed to share PAN details of individuals to dig deeper into large suspicious accounts. FIU forwards suspicious Read More…

RBI: Payments related Data to be stored only in India

Reserve Bank of India recently clarified that all Payment System Operators (PSOs) shall store entire payment data in systems located only in India. It means that the data related to payments must be stored in systems located only in India. This follows a clarification sought by PSOs on issue of data localization. Key Highlights Background: Read More…