Insurance regulator Irda on Thursday said that quoting PAN number would be mandatory for making cash payments of more than Rs 50,000 in insurance premium, a move which would help the authority track sources of funds. “With a view to ensuring that premiums are paid out of clearly identifiable sources of funds, it has been decided to permit premium/proposal deposits remittances in cash beyond Rs 50,000 per transaction subject to the customer quoting PAN,” Irda said in a circular.
http://economictimes.indiatimes.com/personal-finance/insurance/insurance-news/pan-must-for-payment-of-premium-above-rs-50000-in-cash-says-insurance-regulator-irda/articleshow/10254834.cms
