March 31 deadline for linking Aadhaar with bank accounts
, ET Bureau|
Updated: Dec 13, 2017, 06.35 PM IST
NEW DELHI: Bank accounts holders will have three more months to link their account with Aadhar number. The government has extended the deadline for linking bank accounts with Aadhaar by three months to March 31, 2018.
The earlier deadline was December 31, 2018.
Those opening a new account will have a maximum period of six months to see their account with the 12-digit unique identification number.
“After considering various representations received and inputs received from Banks, it has been decided to notify 31st 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,” finance ministry said in a statement.
The accounts will cease to be operation if the Aadhaar number and Permanent Account Number is not submitted by the new timelines given.
Earlier in the day, the government has amended Prevention of Money-laundering (Maintenance of Records) Rules, 2005 to withdraw the December 31 deadline and give itself freedom to notify a new date.
It replaced the rule “submit the Aadhaar number and Permanent Account Number by 31st December, 2017” in the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 with “submit the Aadhaar number, and Permanent Account Number or Form No. 60, by such date as may be notified by the central government”.
The extension will be available to all type of transactions covered by the PMLA for which Aadhaar had been mandated.
The prevention of money-laundering rules mandate banks and financial institutions to take PAN and Aadhaar for opening a bank account as well as for any financial transaction of Rs 50,000 and above.
The relaxation comes a day before a five-judge bench of the Supreme Court will hear a plea by those opposed to Aadhar for interim relief from the court.
They have said that government assurances are not enough and no coercive action should be taken on either linking or insisting on it for availing social security benefits.
The government has said it was willing to extend the deadline for linking Aadhar and 131 government services from Dec 31, 2017, to March 31, 2018.
The deadline for linking PAN with Aadhaar was extended by three months to March 31, 2018.
The earlier deadline was December 31, 2018.
Those opening a new account will have a maximum period of six months to see their account with the 12-digit unique identification number.
“After considering various representations received and inputs received from Banks, it has been decided to notify 31st 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,” finance ministry said in a statement.
The accounts will cease to be operation if the Aadhaar number and Permanent Account Number is not submitted by the new timelines given.
Earlier in the day, the government has amended Prevention of Money-laundering (Maintenance of Records) Rules, 2005 to withdraw the December 31 deadline and give itself freedom to notify a new date.
It replaced the rule “submit the Aadhaar number and Permanent Account Number by 31st December, 2017” in the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 with “submit the Aadhaar number, and Permanent Account Number or Form No. 60, by such date as may be notified by the central government”.
The extension will be available to all type of transactions covered by the PMLA for which Aadhaar had been mandated.
The prevention of money-laundering rules mandate banks and financial institutions to take PAN and Aadhaar for opening a bank account as well as for any financial transaction of Rs 50,000 and above.
The relaxation comes a day before a five-judge bench of the Supreme Court will hear a plea by those opposed to Aadhar for interim relief from the court.
They have said that government assurances are not enough and no coercive action should be taken on either linking or insisting on it for availing social security benefits.
The government has said it was willing to extend the deadline for linking Aadhar and 131 government services from Dec 31, 2017, to March 31, 2018.
The deadline for linking PAN with Aadhaar was extended by three months to March 31, 2018.
