The Central government on Wednesday announced that the deadline for linking Aadhaar with bank accounts has been extended to March 31, 2018. The previous deadline for linking bank accounts, mutual fund folios and insurance policies with Aadhaar was December 31, 2017.
According to latest notification, the deadline for linking is 31st March, 2018 or six months from the date of commencement of account based relationship by the client, whichever is later, for submission of the Aadhaar number, and Permanent Account Number or Form 60 by the clients to the reporting entity
While the 12-digit 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.
This is in line with the Centre last week informing the Supreme Court that it is willing to extend till March 31 the deadline fixed for mandatory linking of Aadhaar to avail various services and welfare schemes. On December 7, the deadline for linking PAN with Aadhaar was extended by three months to March 31, 2018.
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.
While, you know you can link your bank account and Aadhaar till March, next year, following is the list of other deadlines you should know about:
SIM Card: For linking of your SIM card with Aadhaar: 26th February, 2018
Insurance policy ,mutual funds linking with Aadhaar: 31st December, 2017
Deadline to link social security services and Welfare schemes with Aadhaar: 31st December, 2017
Deadline to link Public Provident Fund (PPF) with Aadhaar: 31st December, 2017
Deadline to link bank accounts, PAN Card with Aadhaar: 31st March, 2018
Besides, now for opening a new bank account and for monetary transactions above Rs 50,000, it’s mandatory to have an Aadhaar ID card.