Deadline for Aadhaar-Bank linking extended till March 31,2018

Author yuvamind

NEW DELHI: After hearing the matter of Aadhaar linking to Bank account tomorrow by the Supreme Court, The central government has extended the deadline from 31 December 2017 to 31 March 2018 for linking Aadhaar to bank accounts. The new date to link the Aadhar number and the PAN to accounts more than six months old is March 31, 2018. It is expected that five-judge bench in SC issue an interim order regarding a lot of petitions that demand that the government ' s move to make the 12-digit Unique Identification number mandatory for bank accounts, financial transactions, cellphones and welfare measures be held off.
According to the government statement, the rule under the 2002 Prevention of Money Laundering Act, had been amended. For accounts opened after June 1, 2017, Aadhaar, Permanent Account Number or PAN and Form 60 will have to be submitted within six months of opening or by March 31, 2018 -- the later date will be the deadline. The anti-money laundering law is crucial to combat generation of black money and under it, banks and financial institutions are required to verify the identity of clients. Hence the declaration of Permanent Account Number and Aadhaar number has been made mandatory by the government. While the 12-digit Aadhaar is issued by the Unique Identification Authority of India (UIAI), PAN is allotted by the Income Tax Department. Form 60 is a declaration filed by individuals who conduct transactions but do not have PAN. Last week, the government had said people who do not have Aadhaar will get another three months to link their Unique Identification Number(UIN) with bank accounts and government welfare programmes. At the time, the government had said it was willing to extend the mandatory deadline till March 31, 2018.
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