Online Desk: Even though, the Central Board of Direct Taxes has extended the deadline for linking Aadhaar with Permanent Account Number (PAN) to March 2018. Majority of Aadhaar-Linking Deadlines services are kept unchanged. With UIDAI announcing the Aadhar linkage as “valid and lawful” and making it very important to adhere to the Aadhaar linkage norms.
These deadlines are approaching very fast and missing them could cause the suspension of the key services. Here is Five Aadhar deadline which everybody should be aware of.
Aadhaar-Bank Account Linking Deadline — December 31, 2017
In order to enjoy un-interrupted banking services account holder has to link his 12 digit aadhar number with his bank account. Failure could lead to suspension of the banking services and the holder won’t be used services like fund transfers and cash withdrawals.
The financial institutions and banks are instructed by the government make all customers KYC-compliant for which the biometric authentication and other Aadhaar data are required. The linkage can be done in the bank or with help of net banking. Mobile can be used for the linkage but for that your mobile number should be registered with Aadhaar. Authentication process will be OTP based.
What is KYC?
KYC means Know Your Customer, a process under which a Bussiness institution or an intermediary collects certain data and documents to establish the identity of a client.
Aadhaar-Mobile Linking — February 6, 2018
The Department of Telecommunications (DoT) has given direction to all the Telecom Company or operators to re-verify all the prepaid and postpaid mobile numbers through the Aadhaar-linked KYC. The telecom operator can verify subscribers’ Aadhaar data without biometrics as per DoT directions. An OTP service of the same has been started. The deadline linkage is February 6, 2018.
If for some reason the users are unable to link his or her mobile number until February 6, 2018, his or her services won’t be stopped as DoT is awaiting Supreme Court verdict. But if the judgment goes to DoT’s favour, deactivation is likely to be on cards.
Aadhaar-Mutual Fund Linking — December 31, 2017
Linking Aadhaar to your mutual fund investments is mandatory and the deadline to do that is before December 31, 2017. The linkage can be done by approaching Registrar and Transfer Agents.The process is easy as these type of investment are connected with the investor’s PAN.
Failure to link Aadhaar with mutual fund investments can stop you from transferring your fund folios.
Social Security Schemes— December 31, 2017
To get benefit from the social security and welfare schemes provided by the government, it is mandatory to provide Aadhaar details to concerned authorities by December 31, 2017.Such schemes comprise the subsidy on LPG cylinders, educational scholarships and so on.
PPF, NSC & others— December 31, 2017
For users of Public Provident Fund (PPF), National Savings Certificate (NSC), and Kisan Vikas Patra, etc, updating Aadhaar details by December 31, 2017, is mandatory. Those who do not have an Aadhaar card or Aadhaar number till now can submit the enrollment identity number of their Aadhaar application.