the Centre announced that submission of PAN and Aadhaar number is mandatory in several other cases.
Aadhaar and PAN card details are being made mandatory with small savings schemes. As a result, all customers from Senior Citizen to Sukanya Samriddhi Yojana – will have to link PAN and Aadhaar details to their accounts.
Just three days ago, the Center extended the PAN-Aadhaar linkage by three months. And after that, the Centre announced that submission of PAN and Aadhaar number is mandatory in several other cases. From now, PAN information will be given in all small savings schemes of the post office. The Center has ordered to make Pan-Aadhaar information mandatory for schemes like Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), Mahila Samman Scheme etc.
New customers who are going to open new accounts in this scheme must provide this information. If they do not have an Aadhaar number, then the applicant has to submit proof of submission of application for Aadhaar enrollment. And if the Aadhaar card is not deposited within six months, all transactions in that account will be temporarily suspended. Accounts can be activated only after submitting Aadhaar. On the other hand, PAN card or Form 60 is required while opening the account. And if there is no PAN card, it must be submitted within two months of opening the account. The Center has not yet issued any specific guidelines for those who have not submitted this information before, within which time they will have to submit this information.
Until now, depositors could open small savings accounts by submitting address proof with photographs or electricity, water or telephone bills. Even if there is a PAN card, it is not mandatory to submit it. But it will not be possible from now on. Sukonya Samriddhi Yojana account is only in the name of girls below ten years of age. And it is their parent who handles the account transactions. As a result, submission of all their information is also going to be mandatory.
Although exact statistics are not available on how many citizens have PAN cards in the country, it is known that approximately 60 crore Indians have PAN cards. On the other hand, the Center claims that 1.3 billion people in the country have already received their Aadhaar cards. However, many of those who invest in small savings, especially post office savings, are from remote areas and many do not have PAN cards. In this situation, if transactions on their savings and deposits are stopped without PAN and Aadhaar information, they will definitely face problems.
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