Bank Account-Aadhaar linking deadline extended

According to an announcement issued by the  Department of Revenue under the Ministry of Finance, the mandatory linking of Aadhar with bank has been postponed from December 31st, 2017 to March, 31st 2018. It has also been extended for PAN card.

 

    • This year, under an act passed by the Parliament, the government had made quoting of the 12-digit biometric identifier Aadhaar mandatory for old and new bank accounts as well as for any financial transaction of Rs. 50,000 and above.

 

    • According to the statement issued by the Department of Revenue, it is being said that this extension has been made in consideration with various representations as well as inputs received from banks.

 

    • With the latest amendment that has been made yesterday, the deadline for linking both PAN and bank details with Aadhar has now been extended till March 31st, 2018.

 

    • However, the other Aadhar-linking deadlines are intact. Some of them are Aadhar linking with Sim, which must be done before February 6, 2018, Aadhaar-mutual fund linking, which says that all your portfolios must be Aadhar linked by December 31st, 2017, and Aadhaar-Social Security Schemes linking, the last date for which is again 31st December, 2017. The services under this scheme include availing LPG cylinders and educational scholarships, among other things.

 

    • Interestingly, this notification by the government came in just a day ahead of a hearing in the Supreme Court, challenging the mandatory linking of the digital identity system to bank accounts and other financial products.

 

A legal researcher and one of the country’s biggest privacy advocates, Dr. Usha Ramanathan has an important lookout in this controversial move by the government, she said, “One thing is clear. The hearing was slated to start from tomorrow and the government doesn’t want the court to look into this. That explains this last minute notification postponing the bank linking,”

 

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