Government keeps window open on PAN, Aadhaar for financial dealings

The government has amended the Prevention of Money Laundering rules keeping the deadline for mandatory quoting of Aadhaar and permanent account number for financial transactions, including opening a bank account open-ended in place of the December 31.

The department of revenue under the finance ministry has issued a new set of rules amending the PMLA rules (maintenance of records), 2005.

The government has replaced the rule “submit the Aadhaar number and Permanent Account Number by 31st December, 2017” with “submit the Aadhaar number, and Permanent Account Number or Form No. 60, by such date as may be notified by the Central Government”.


This flexibility will allow the government to extend the deadline and notify the new date. The government has already told the Supreme Court that it can extend the deadline for linking of Aadhar till March 31.

The deadline for linking PAN with Aadhaar was extended by three months to March 31, 2018.

The PMLA mandates banks and financial institutions to take PAN and Aadhar for opening a bank account as well as for any financial transaction of Rs 50,000 and above.