With a view to ensure compliance with provisions of 114B of the Income Tax Rules, 1962, RBI has advised the banks to take the copy of the PAN card in case the bank account is not seeded with PAN for anybody depositing more than ₹ 50,000/- in cash in their bank account.

The banks are instructed to ensure strict compliance with the provisions of 114B of the Income Tax Rules, 1962.

Source: www.rbi.org.in