The Government on Wednesday extended till March 31 the deadline for mandatory quoting of Aadhaar and Permanent Account Number (PAN) for bank accounts and certain financial transactions. The earlier deadline for existing bank account holders was December 31, 2017.
The extension has been granted “after considering various representations and inputs from banks,” an official statement said here.
The Government had last week extended the deadline for linking of PAN with Aadhaar till March 31, 2018. Now, the deadline for bank accounts has been extended but there is no word on extending the February 6, 2018 deadline for linking mobile SIM cards with Aadhaar.
“...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 PAN or Form 60 by the clients to the reporting entity,” an official statement said.
last evening, the Government had issued a Gazette notification amending rules under the Prevention of Money laundering Act of 2002 (PMlA) by replacing the requirement of submitting “the Aadhaar number and Permanent Account Number by December 31, 2017” with a provision saying “submit the Aadhaar number, and Permanent Account Number or Form No 60, by such date as may be notified by the Central Government”.
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.