Aadhaar — 12-digit random number — is on its way to becoming the single-identity of over 1.17 billion Indians and their financial activities. The deadline for mandatory linking of Aadhaar with at least six services is just around the corner, and one must do it on an urgent basis as the government does not seem inclined towards extending deadlines for these even as it extended the deadline for linking PAN and bank accounts.
It is human nature to procrastinate these government work until the last moment, but the chances are likely that you will face problems doing it on the last day. In the past, there were reports of servers crashing when people, in bulk, tried to link Aadhaar-Pan on June 29 this year. It would be smart to link these services as soon as possible in order to avoid any problem.
Currently, the clock is ticking on six major linkings with Aadhaar: Insurance policy, Mobile Number, Mutual Fund PPF, Credit Card, and Social Security Schemes. What will happen if these accounts are not linked? Your accounts would be blocked, phone number deactivated, and your policies will become inaccessible. Although the Supreme Court is scheduled to give its judgement on mandatory linking of Aadhaar with all these services and unless the judgement is out, the mandatory linking before the deadline stands.
|Phone Number||February 6, 2018|
|Insurance Policy (LIC, others)||December 31|
|Mutual Fund||December 31|
|Credit Card||December 31|
|LPG, Ration Card||December 31|
For now, you can stop worrying about linking you Aadhaar with PAN and bank accounts as the government has extended the deadline to March 31, 2018. Under the Prevention of Money Laundering Act (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 extension of deadline announced is in line with the Centre last week informing the Supreme Court that it is willing to extend till March 31 the deadline fixed for mandatory linking of Aadhaar to avail various services and welfare schemes.
Next in this series: How to link your Aadhaar Card with your LIC policy, other insurance policies