Centre extends deadline for linking Aadhaar to bank accounts to March 31


Updated

New Delhi, Dec 13 (PTI): The Government has amended rules requiring mandatory quoting of national biometric identifier Aadhaar and PAN for certain financial transactions like opening of a bank account by extending the deadline by three months to March 31, 2018.

A new rule modifying the Prevention of Money Laundering Act of 2002 has been notified to replace the requirement of submitting "the Aadhaar number and Permanent Account Number by December 31, 2017" with "submit the Aadhaar number, and Permanent Account Number or Form No. 60, by March 31, 2018 as notified by the Central Government".

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 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 stated that accounts where Aadhaar and PAN are not furnished by the date notified by the government will cease to be operational.

If the account holder "fails to submit the Aadhaar number and PAN by such date as may be notified by the central government, the said account shall cease to be operational till the time the Aadhaar number and Permanent Account Number is submitted by the client", it said.

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.

Biometric identification number Aadhaar and other official documents are required to be obtained by the reporting entities from anyone opening a bank account as well as for any financial transaction of Rs 50,000 and above.

The 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 on Tuesday said amendments are being made in Rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.

  

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Comment on this article

  • Arvind Gaba, Udupi/UAE

    Wed, Dec 13 2017

    Adhaar Card should link the male physical fitness. The girls planning for marriage should come to know in advance whether boy is physical fit or Type 2 diabetes so there should not be any mess or divorce later. FM please note one more point for Adhaar linkage.

    DisAgree [2] Agree [3] Reply Report Abuse

  • NAGESH NAYAK, MANGALORE

    Wed, Dec 13 2017

    IAM SCARED TO LINK. AFTER FRDI BILL PASSED. BANK MAY TAKE MY MONEY. AND GIVE IT AMBANIS TO WAIVE OFF THEIR LOAN

    DisAgree Agree [18] Reply Report Abuse

  • Dinga, Mangalore

    Wed, Dec 13 2017

    Adhar card should link to marriage, if people already married they should re-marry. And link the adhar

    Very simple people will welcome it. Marriage halls will be fully booked

    DisAgree Agree [1] Reply Report Abuse

  • Dinga, Mangalore

    Wed, Dec 13 2017

    We bjp are so lucky, if gst or adhar is flop. We can blame congress for giving the idea.

    If its hit, we bjp alone taking credit.

    Both ways Congress is the loser

    That is called No1 PM MODIJI....

    DisAgree [1] Agree [2] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Dec 13 2017

    I hope they do not extend deadline for declaring Gujarat Results ...

    DisAgree [2] Agree [14] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Dec 13 2017

    Thank you Congress for PAN & Aadhaar ...

    DisAgree [3] Agree [13] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Wed, Dec 13 2017

    Tomorrow there is SC hearing on Aadhaar and fearing some bad remarks, the govt has changed the deadlines from close ended to open ended. What is this FM ? How many changes ?

    DisAgree [3] Agree [19] Reply Report Abuse

  • Declan, Mumbai

    Wed, Dec 13 2017

    Playing with the lives of common people. Unnecessarily harassing and scaring law abiding common citizens every now and then. Demonetization then rationing withdrawals then creating scarcity of cash at ATMs every now and then and now linking Aadhaar with every damn thing. They are even after the gold in people's bank lockers.
    Rahul Gandhi had said in one of his speeches "All cash is not black money and all black money is not in the form of cash". Why is this government creating the impression or making the assumption that if you have more cash with you then it is black money. That is a flawed logic. It sounds similar to the flawed logic of US President George Bush Jr. who said "If you are not with us then you are with the terrorists". Can't there be a neutral stand too ? If people want to keep their legally earned and tax paid income in the form of cash why does the government want to make them look like offenders ?

    DisAgree [2] Agree [18] Reply Report Abuse

  • peacelover, India

    Wed, Dec 13 2017

    Rules changed 68 times within span of couple of month after demonetization. All polices to be passed must be studied by experts before they present in parliament. The question here is from where they will bring experts, because majority of the BJP MPs are illiterates /having criminal cases pending in court.

    DisAgree [2] Agree [14] Reply Report Abuse

  • Aubb, Kuwait

    Wed, Dec 13 2017

    @peacelover,

    the problem is there are too many experts in BJP, who spoiled the nation already.

    DisAgree Agree [8] Reply Report Abuse

  • sri_elder, Karkala

    Wed, Dec 13 2017

    Sickulars do not want to obey all these rules.
    They want to remain anonymous as much as possible..

    DisAgree [31] Agree [4] Reply Report Abuse

  • Jenifer, Mangalore

    Wed, Dec 13 2017

    Anonymous was Modi's agenda of bringing in Balck money and making India richer. Look what has happened now - even bank employees are against him because of his baniya-like schemes !

    Getting everything digitalised, the government has reached upto digging even into our bank deposits. The digging is not for evaluating/raising interest rate but to scrape out the capital for funding his lousy schemes, introduced by unpadh ministers in the Finance Ministry.

    Could there be one proposal to reduce taxes, raise interest rates on deposits ? All schemes of UPA are used up now its Bankrupt BJP with its noutanki proposals ! Sikulars are not Mallyas - their hard earned money is in the banks, not stuffed in gunny bags and placed on the attic !

    DisAgree [3] Agree [22] Reply Report Abuse

  • Declan, Mumbai

    Wed, Dec 13 2017

    December 31, 2017 deadline for linking Aadhaar to Bank accounts extended even for those holding Aadhaar cards as of now (NDTV report). However, govt. has not announced the new extended date as of now.

    DisAgree [2] Agree [9] Reply Report Abuse


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