PAN crawling its way from capital market into the money market; Loans above Rs 50 lakhs required to produce PAN for approval
The Permanent Account Number (PAN) is the one government document that is easiest to create as it is the first touch point which brings the informal unrecorded economic transactions into formalized system.
The PAN was introduced last year in capital market for high value transactions and this year it has been introduced through the banking channel. In previous years, PAN was required only if the loan amount was above Rs 1 crore, however this year the limit has been cut by half to Rs 50 lakh.
