Published: Wed, December 13, 2017
Worldwide | By Gretchen Simon

Centre extends deadline for Aadhaar linking with bank accounts indefinitely

Centre extends deadline for Aadhaar linking with bank accounts indefinitely

One of the counsel representing the petitioners had earlier said that final hearing on the main Aadhaar matter was necessary as the government "cannot compel" citizens to link their Aadhaar with either bank accounts or cell phone numbers.

The government issued a notification extending the date for linking bank accounts to Aadhaar indefinitely ahead of the crucial hearing in the Supreme Court in the biometric identity card programme case.

While the deadline for linking PAN to Aadhaar was said to be extended to March 31, 2018 on December 7, the official documentation maintained December 31 as the final date.

A notification to this effect was issued by the Finance Ministry's revenue department. It was the third time the deadline for Aadhaar-PAN linkage was extended.

"After considering various representations received in this regard and inputs received from banks, it has been chose to notify March 31, 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", the statement said.

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The government ever since demonetisation has been trying to impose regulations under the PMLA.

Intermediaries like stockbroker, chit fund company, cooperative bank, housing finance institution and non-banking finance companies are also classified as reporting entities.

"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 objective and intended nature of the business relationship", an excerpt from PMLA read in CNN-News18 report.

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.

In case of a person opening a new account, the deadline for submitting Aadhaar number and PAN was "six months from the date of the commencement of the account based relationship". These too were to be linked to Aadhaar by December 31.

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