New Delhi: After extending the deadline to link aadhaar with PAN card, the government on Wednesday extended one more aadhaar deadline (till March 31, 2018) for quoting of Aadhaar and PAN for bank accounts and financial transactions. The government had made the quoting of the 12-digit biometric identifier Aadhaar mandatory for old and new bank accounts as well as for any financial transaction of Rs 50,000 and above.
Five things To know About the aadhaar deadline extension
1. The aadhaar deadline that has been extended pertains to linking aadhaar and PAN to bank accounts and certain financial transactions such as insurance and mutual fund etc.
2. The previous deadline for the same stood at December 31, 2017. 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 release said.
3. The Centre last week informed the Supreme Court that it is willing to extend till March 31 the deadline for mandatory linking of Aadhaar to avail various services and welfare schemes.
4. The deadline for linking PAN with Aadhaar too was extended last week by three months to March 31, 2018.
5. The decision to extend the deadline was taken after various representations as well as inputs received from banks. Under the Prevention of Money Laundering Act, 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.