| | Dear Customer,
We would like to inform you about the recent regulatory changes on Debit Cards & the downtime communication on your Kotak Bank Debit Card. | | | The Bank systems will be undergoing a maintenance activity on July 1st, 2023 from 01.00 AM to 05.00 AM (IST).
During this time, below mentioned services on your Kotak Bank Debit Card, Spendz Card & Gift Card will be temporarily unavailable: | | • | ATM, POS, ECOM, QR, Payment Tokenization, Cardless cash withdrawal, PIN authentication & PIN generation | | • | Card Controls - Transaction amount limit modification & Transaction Activation or Deactivation | | • | Card Blocking – Unblocking | | • | Primary Account Change | | • | Account Linking – Delinking | | • | Request for a new Debit Card/Image Card | | • | Card closure request | | • | Registration for Tokenization & PIN re-generation | | • | Card inquiry and verification | | | We regret the inconvenience it may cause to you. | | | As per Government’s directive, it is mandatory to link your PAN with Aadhaar before June 30th, 2023. In case you have not linked your PAN with Aadhaar, certain services on your Debit Card will be restricted, like International Debit Card Transactions, issuance/ replacement/ reissuance of new Debit Cards.
We urge you to link your PAN with Aadhaar on or before June 30th, 2023, by following the steps mentioned in the Income Tax e-filing portal. Click here to continue using the above-mentioned services.
In order to know more, please refer the Government’s directive under section 139AA Rule 114AAA.
Please ignore this message, in case your PAN is already linked or not required to be linked to your Aadhaar.
Disclaimer: Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action. | | REVISION OF TCS RATE ON DEBIT CARDS | | Under existing provisions of Income Tax Act, tax is required to be collected at source (TCS) by bank @ 5% on remittances exceeding Rs. 7 lacs under LRS, made using International Debit Card.
The Finance Bill 2023, w.e.f. 01.07.2023 has increased the TCS rate from 5% to 20% on remittances, under LRS, made using International Debit Card without any threshold.
Therefore, any LRS transaction done through your Kotak Bank Debit Card will attract 20% TCS from July 1st, 2023 onwards.
Disclaimer: Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
Warm regards,
Kotak Mahindra Bank | | | |
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