On 7 December, the deadline for linking PAN with Aadhaar was extended by three months to 31 March 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 31 December, 2017” with “submit the Aadhaar number, and Permanent Account Number or Form No. On 7 December, the deadline for linking PAN with Aadhaar was extended by three months to 31 March 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 Rs50,000 and above. 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.
Source: Mint December 13, 2017 08:26 UTC