Deadline to Link Aadhaar with Bank Accounts Extended to 31 March

The Centre’s notification comes a day after it said that linking of PAN and Aadhaar has been extended indefinitely.

One day after the Centre indefinitely extended the deadline for linking Aadhaar with bank accounts, the Ministry of Finance, on 13 December, announced the new deadline as 31 March.

The ministry notification said that those who have or will open new bank accounts will be expected to complete the linking six months from the date of commencement of account.

It has been decided by the Government to notify 31st March, 2018 or six months from the date of commencement of bank account based relationship by the client, whichever is later, as the date of submission of Aadhaar number& PAN or Form 60 by the clients to the reporting entity.

— Ministry of Finance (@FinMinIndia) December 13, 2017

“In case the client fails to submit the Aadhaar number and Permanent Account Number within the aforesaid six months period, the said account shall cease to be operational till the time the Aadhaar number and Permanent Account Number is submitted by the client,” the notification said.

A Ministry of Finance notification informed of a new rule modifying the Prevention of Money Laundering Act of 2002 to replace the requirement of submitting "the Aadhaar number and Permanent Account Number by 31 December 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".

This is in line with the Centre last week informing the Supreme Court that it is willing to extend the deadline fixed for mandatory linking of Aadhaar till 31 March to avail various services and welfare schemes.

Under the 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.

The notification issued on Tuesday, 12 December, stated that accounts where Aadhaar and PAN are not furnished by the date notified by the government will cease to be operational.

(With inputs from PTI.)