To curb black money within the country, Finance Minister Arun Jaitley in his Budget 2015-16 proposals said quoting of Permanent Account Number (PAN) will be made mandatory for any purchase or sale exceeding the value of Rs. 1 lakh.
The finance minister said that tax authorities are also making provisions to check "splitting of reportable transactions" by people to avoid quoting of the PAN.
By reading the FM speech, it is clear that, the said provision introduced for the purpose of 'avoid the black money transaction'. So, as per my understanding, it includes the both i.e., 'single transaction' as well as 'accumulated balance.'
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