The governaament brings a slight sigh of relief for all those who haven’t linked their Aaadhar with the bank accounts. The government has extended the deadline from 31st December 2017 to 31st March 2018.
A government statement said the rule under the 2002 Prevention of Money Laundering Act, had been amended. For accounts opened after 1 June 2017, Aadhaar, Permanent Account Number or PAN and Form 60 will have to be submitted within six months of opening or by 31 March 2018 — the later date will be the deadline. For older accounts, the deadline is 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 Rs 50,000 and above.
The notification issued said amendments are being made in Rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.
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