Quoting PAN will be mandatory from January 1 for opening all bank accountsexcept Pradhan Mantri Jan Dhan Yojana accounts as the government tightened disclosure norms to check generation of domestic black money.

In keeping with the government's thrust on financial inclusion, opening of a no-frills bank account such as a Jan Dhan account will not require PAN. Other than that, the requirement of PAN applies to opening of all bank accounts including in co-operative banks.

"The government is committed to curbing the circulation of black money and widening of tax base," Adhia said. "To collect information on certain types of transactions from third parties in a non-intrusive manner, the Income-Tax Rules require quoting of PAN where the transactions exceed a specified limit."

PAN will also be mandatory on purchase of immovable property of Rs 10 lakh. This will be a relief to small home buyers as previously the government had proposed to make PAN quoting mandatory for purchase or sale of Rs 5 lakh.