Union Finance Minister Nirmala Sitharaman have announced March 31, 2021 as the last date to link bank accounts with Aadhaar Card and Pan Card. It will be tge final deadline as December 31 is considered to be the current final date.
She said, “I will not be patient to hear that there still exist accounts not Aadhar seeded, and linked with Pan cards wherever needed beyond December 31st.”
PAN card is mandatory to open a bank account, buying mutual funds or shares and making cash transactions of over Rs 50,000. Otherwise the customers may be fined a penalty of ₹10,000 under Section 272B of the Income Tax Act.