Centre extends deadline for linking Aadhaar, PAN with bank a/c indefinitely

PTI

New Delhi, 13 Dec 2017: The Centre on Wednesday extended the deadline for linking Aadhaar and PAN with bank accounts indefinitely. Earlier, the deadline was December 31.

 

The finance ministry, in a late Tuesday night notification, said the new deadline will be issued by the government after due consultation. It amended the Prevention of Money-laundering rules to incorporate the new provision.

 

According to the notification, the words "by December 31, 2017", in the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, were being replaced with "by such date as may be notified by the Central Government".

 

Earlier this year, the government had made Aadhaar mandatory for opening bank accounts. Existing bank account holders were asked to furnish their Aadhaar number by December 31, failing which their account would cease to be operational.

 

The government had also said that the new bank account holders were required to submit Aadhaar details within six months of opening their account. There has been no change in this rule.

 

The notification, however, did not say anything on the fate of insurance policies and mutual funds. These too were to be linked to Aadhaar by December 31. Earlier this year, the government had also made quoting of Aadhaar mandatory for filing income tax returns.

 

The announcement comes a day ahead of the Supreme Court deciding to hear a bunch of petitions challenging Centre’s move to make Aadhaar mandatory for government welfare schemes.

 

The government had last week extended the deadline to link Aadhar with PAN from December 31 to March 31.

 

The Centre on Wednesday extended the deadline for linking Aadhaar and PAN with bank accounts indefinitely. Earlier, the deadline was December 31.

 

The finance ministry, in a late Tuesday night notification, said the new deadline will be issued by the government after due consultation. It amended the Prevention of Money-laundering rules to incorporate the new provision.

 

According to the notification, the words "by December 31, 2017", in the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, were being replaced with "by such date as may be notified by the Central Government".

 

Earlier this year, the government had made Aadhaar mandatory for opening bank accounts. Existing bank account holders were asked to furnish their Aadhaar number by December 31, failing which their account would cease to be operational.

 

The government had also said that the new bank account holders were required to submit Aadhaar details within six months of opening their account. There has been no change in this rule.

 

The notification, however, did not say anything about the fate of insurance policies and mutual funds. These too were to be linked to Aadhaar by December 31. Earlier this year, the government had also made quoting of Aadhaar mandatory for filing income tax returns.

 

The announcement comes a day ahead of the Supreme Court deciding to hear a bunch of petitions challenging Centre’s move to make Aadhaar mandatory for government welfare schemes.

 

The government had last week extended the deadline to link Aadhar with PAN from December 31 to March 31.