The previous deadline forlinking bank accounts, mutual fund folios and insurance policies with Aadhaar was December 31, 2017.
The government on Wednesday extended the deadline for linking Aadhaar with bank accounts till March 31. 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.
Last week, the Centre told the Supreme Court that it was willing to extend till March 31 the deadline fixed for mandatory linking of Aadhaar to avail of services such as bank accounts, mutual funds and insurance policies and cellphone connections and welfare schemes.
The Prevention of Money Laundering Act (PMLA) forms the core of the legal framework put in place by India to combat money laundering and generation of black money. The PMLA and its rules impose an obligation on reporting entities like banks, financial institutions and intermediaries to verify the identity of clients, maintain records and furnish information to the Financial Intelligence Unit of India (FIU-IND).
As per Rule 9, every reporting entity shall at the time of commencement of an account-based relationship identify its clients, verify their identity and obtain information on the purpose and intended nature of the business relationship.
Intermediaries like stockbroker, chit fund company, cooperative bank, housing finance institution and non-banking finance companies are also classified as reporting entities. The broad rule also applies to all cash dealing of more than Rs 10 lakh or its equivalent in foreign currency, cash transactions where forged or counterfeit currency notes have been used and all suspicious dealings.
All cross-border wire transfers of more than Rs 5 lakh in foreign currency and purchase and sale of immovable property valued at Rs 50 lakh or more also fall under this category, according to the reporting rules. The notification issued yesterday said amendments are being made in Rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.
(with inputs from PTI)
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 "Govt extends deadline for linking Aadhaar with bank account for indefinite period")
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