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PAN Applications Increase 300% After Demonetization: CBDT
November 17, 2017
According to the Central Board of Direct Taxes (CBDT), the number of PAN applications received per month has increased by 300% after the note ban.
CBDT Chairman Sushil Chandra said that while the average number of PAN applications received per month was 2.5 lakh earlier, after November i.e. the time when the government announced the scrapping of old currency notes, the figure rose to 7.5 lakh a month.
Chandra said that the department was taking multiple steps to curb black money, and barring cash transactions above Rs. 2 lakhs was one of them.
