KATHMANDU

Banks and financial institutions need a Permanent Account Number (PAN) if they have deposits of more than 50 lakhs rupees. The Nepal Rastra Bank issued a directive on Thursday, making PAN mandatory for deposits above 5 million rupees.

The Central Bank has amended Unified Directive 2079, allowing authorized banks and financial institutions to require a PAN for deposits exceeding 5 million rupees from any natural person.

Previously, banks did not require a PAN regardless of the amount of deposits made by depositors.