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Question
Choose the most appropriate option:
In an attempt to curb black money, the Government has made PAN mandatory for all financial transactions exceeding Rupees:
Options
2 lakhs
1 lakhs
3 lakhs
4 lakhs
Solution
2 lakhs
Explanation:
PAN will be a must for all transactions, including the purchase of jewelry, above ‘ 2 lakhs in cash or through a card with effect from January 1, 2016.
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