Extended deadline to link Aadhaar to bank accounts: March 31, 2017

Extended deadline to link Aadhaar to bank accounts: March 31, 2017

The government On December 7, has extended the deadline for linking Aadhar with PAN. The new deadline is March 31, 2018. The new rule was amended under the Prevention of Money laundering act of 2002 saying "submit the Aadhaar number, and Permanent Account Number or Form No. 60, by such date as may be notified by the Central Government". The previous deadline was December 31, 2017 as stated by central government. The new deadline has been set to make avail various services and welfare schemes. PMLA (Prevention of Money Laundering Act) is a legal framework to combat black money generation and money laundering.

The Prevention of Money Laundering Act (PMLA) forms the core of the legal framework put in place by India to combat money laundering and generation of black money. The PMLA and its rules execute an obligation on reporting of banks, financial organizations and intermediaries to authenticate the identity of clients, keep records and provide information to the Financial Intelligence Unit of India (FIU-IND).