PAN must for premium in cash above Rs.50,000 says IRDA

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.

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