Bank Accounts not linked with Aadhaar to be Blocked After 30th April

Income Tax Department of India has made Aadhaar to be linked to Bank Account Mandatory to all those banks accounts, insurance, and stocks opened from July 2014 to August 2015. Those who fail to link Aadhaar Number with their Bank Account/ Insurance or Stocks will get their accounts blocked.

All account holders under the ambit of the Foreign Tax Compliance Act (FATCA) signed by India and the United States in July 2015 to weed out tax evaders will have to provide self-certification by submitting KYC details and their Aadhaar Number to Bank by 30th April 2017. In case if self-certifications are not provided till April 2017 the accounts will get blocked which will prohibit account holder from effecting any transaction with respect to such accounts.

On other hand Supreme Court of India has recently ordered Aadhaar Cards can only be used for providing welfare schemes service and not as ID required for general services.

The new finance bill also introduced filing of income tax returns by individuals will have to mention their Aadhaar Number. However the Aadhaar Number will also have to link with PAN Card or else the PAN will also get blocked.

Also Check: PAN could go invalid if not linked with Aadhaar Number

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