Team's Daily Byte - 2 Online PAN Verification Functionality in Finacle CBS System.

 

Com A.Kesavan, Assistant General Secretary, & Divisional Secretary of Kanchipuram Division, presents today's presentation. He will continuously present his valuable notes on this page.

 SB ORDER 02 /2024
Online PAN Verification Functionality in Finacle CBS System.

1. In Finacle the verification of PAN entered at the time of CIF creation is validated through online with the NSDL (now changed with  Protean e-GOV Technologies )  with effect from 25.01.2022 as per the SB Order No. 02/2022 .

2. With effect from 01.05.2024, the DOP has to be in compliance with the Income Tax Department. The following mandatory checks to be done with the Protean System about the depositors PAN details.

a) Status of PAN b) DOB c) Name d) Aadhar to Pan Linking Status.

3. At the time of PAN Validation through CCRC or CMRC Menu in Finacle , the following data entered in the CIF or already with the CIF will be sent to Protean system for validation. 

a) PAN Number  b) Name c) DOB

4. The Response from the Finacle menu will be obtained. The PAN will not be accepted if the following responses are received from the server.

PAN Status - Other than Existing and Valid.

Name - Not Matched` DOB - Not Matched.

5. If the Aadhar to PAN Linking status is inoperative that means if the PAN and AAdhar not linked  than , TDS will be applicable at an higher rate rather than the existing rate.

6. After deployment of Finacle Level validations the acceptance of eligible PAN will be automatic and no manual acceptance in the system need not be performed.

7. But till such time, the Counter PA / Supervisor will do the following actions in the Finacle as per the response received from the Protean system.

a) If the status is E - PAN may be accepted.
b) If the status is E But Name status is “N”-  Shall not be accepted.
c) If the status is E But DOB status is “N’ -  Shall not be accepted.
d) If the status is E , if  the AAdhar – PAN link status is NA   - shall not be accepted. ( considered it as non individual PAN)

8. It is the first and foremost duty of a counter PA / Supervisor to perform the actions mentioned above. 

9. The Valid PANs are only allowed as per the SB order No. 8/2023 in the following transactions.

a) Whenever the balance exceeds Rs. 50000 
b) Whenever all credits in the account in any financial year exceeds 1 Lakh Rupees.
c) Whenever the aggregate of all withdrawals / Transfers in a particular month from the account exceeds Rs. 10000/-
d) So , in almost all the accounts the validation of PAN will become mandatory as the accounts will fall under any one of the above 3 category.

10. So we should be very vigil at the time of opening and for the existing accounts also.

11. Any  how at the time of opening of an account if the depositor furnished Form 60 the account may be opened. But the same should be replaced with the PAN within 2 months from the date of opening or from the date of happening of the events mentioned in the point no. 9  whichever is earlier.

Team’s Daily Byte 

Courtesy : yourskayveeyes.blogspot.com