The government has extended till further notice the December 31 deadline for mandatory quoting of national biometric identifier Aadhaar and PAN for certain financial transactions like opening of a bank account.
While the deadline has been withdrawn through a Gazette notification issued yesterday, new timelines will be intimated later.
The new rule notified in the Gazette modifies the Prevention of Money Laundering Act of 2002 to replace the requirement of submitting "the Aadhaar number and Permanent Account Number by December 31, 2017" with a provision saying "submit the Aadhaar number, and Permanent Account Number or Form No. 60, by such date as may be notified by the Central Government".
While the 12-digit Aadhaar is issued by the Unique Identification Authority of India (UIDAI), PAN is allotted by the Income Tax Department. Form 60 is a declaration filed by an individual or a person (not being a company or firm) who does not have a PAN and who enters into any specified transaction.
Tuesday's notification by the Department of Revenue in the finance ministry effectively paves the way for extending the deadline for mandatory quoting of Aadhaar for activities like the opening of a bank account.
Read more: http://v.duta.us/MJLriAAA