Insurance investments, banking may need PAN

After the capital markets, the government is targeting the financial sector - banking and insurance segments - to make it mandatory quoting of permanent account number (PAN) for investment products. The government is vetting a proposal to make quoting of PAN as a requirement for investment in financial products such as fixed deposits and unitlinked insurance plans (Ulip) above a certain limit. Credit cards are also expected to be included in the new list. The monetary ceiling has been mooted at Rs 1 lakh initially. According to government officials, the finance ministry has started consultations on the front with the financial sector regulators.