After a loved one passes, canceling their Permanent Account Number is crucial. It prevents identity theft and misuse of financial resources. The Income Tax Department recommends this, though not legally mandated. The process involves submitting an application to the Assessing Officer with required documents. Alternatively, Form 49A can be used via NSDL.
New regulations mandate PAN or Aadhaar for gold purchases over a limit. Income Tax Act prohibits cash transactions exceeding Rs 2 lakh in a day. KYC compliance and PMLA rules affect high-value transactions.