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Bank Account-Aadhaar Linking Deadline Extended: 5 Things To Know

The government had last week extended the deadline for linking of PAN with Aadhaar till March 31, 2018.

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Bank Account-Aadhaar Linking Deadline Extended: 5 Things To Know

Deadline for Bank account-Aadhaar linking has been extended till March 31.


The government on Wednesday extended by three months till March 31 the deadline for mandatory quoting of national biometric identifier Aadhaar and Permanent Account Number (PAN) for bank accounts and certain financial transactions. The deadline for existing bank account holders to furnish the 12-digit biometric identifier (Aadhaar number) was initially December 31, 2017. The extension has been granted "after considering various representations received and inputs received from banks," the government said. 

1) In case of a person opening a new account, the deadline for submitting Aadhaar number and PAN is "six months from the date of the commencement of the account based relationship".

2) "...It has been decided to notify 31 March, 2018 or six months from the date of commencement of account based relationship by the client, whichever is later, as the date of submission of the Aadhaar number, and Permanent Account Number or Form 60 by the clients to the reporting entity," an official statement said.

3) While the Aadhaar is issued by the Unique Identification Authority of India (UIDAI), PAN is allotted by the Income Tax Department. Form 60 is a declaration filed by an individual or a person (not being a company or firm) who does not have a PAN and who enters into any specified transaction.

4) Under the Prevention of Money Laundering Act (PMLA), Aadhaar, PAN and other official documents are required to be obtained by banks and financial institutions from anyone opening a bank account as well as for any financial transaction of Rs 50,000 and above. The PMLA forms the core of the legal framework put in place by India to combat money laundering and generation of black money. Intermediaries like stock broker, chit fund company, cooperative bank, housing finance institution and non-banking finance companies are also classified as reporting entities.

5) The government had last week extended the deadline for linking of PAN with Aadhaar till March 31, 2018.


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