Business & Economy

Govt. extends deadline for linking Aadhaar numbers to bank accounts to March 31, 2018

NetIndian News Network

New Delhi, December 13, 2017

The Government today notified March 31, 2018 as the new deadline for linking Aadhaar numbers to existing bank accounts.
In the case of new accounts, the Aadhaar number will have to be linked within six months of commencement of the account based relationship by the client.
"After considering various representations received and inputs received from Banks, it has been decided to notify 31st March, 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. Necessary notification in this regard has been issued," an official press release said.
The Government had earlier set December 31, 2017 as the deadline for bank account holders to link their Aadhaar numbers to their bank accounts under the provisions of the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 published in the Extraordinary Gazette of India vide G.S.R. 538 (E) dated 01.06.2017.
The rules had said that in case the client, eligible to be enrolled for Aadhaar and obtain a Permanent Account Number does not submit the Aadhaar number or the Permanent Account Number at the time of commencement of an account based relationship with a reporting entity, the client shall submit the same within a period of six months from the date of the commencement of the account based relationship. 
It had also provided that the clients, eligible to be enrolled for Aadhaar and obtain the Permanent Account Number, already having an account based relationship with reporting entities prior to date of the notification, the client shall submit the Aadhaar number and Permanent Account Number by 31st December, 2017.
The rules had provided that in case the client fails to submit the Aadhaar number and Permanent Account Number within the six months period or before the deadline, as applicable to them, the said account shall cease to be operational till the time the Aadhaar number and Permanent Account Number is submitted by the client.  
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