The government recently amended rules under the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, to extend the deadline for Aadhaar linking against all financial accounts. The Finance Ministry, through a notification issued on March 31, 2018, highlighted that the date for linking of Aadhaar details to financial accounts will remain extended till a stipulated date, pending notification of the same by a Supreme Court judgement with regard to a petition filed recently.
The announcement comes close on the heels of a recent judgement by the apex court dated March 13, 2018, that extended the date for linking of Aadhaar details to bank accounts from the previous date of 31 March 2018, pending judgement (deadline yet to be specified by the court).
In accordance with existing rules under the Prevention of Money Laundering Act, bank account holders were required to submit their Aadhaar details to certain financial bodies by the 31st of March.
As per existing rules under the PMLA, a client must submit his Aadhaar and PAN details to corresponding financial institutions within six months of opening his/her account, failing which the account with the financial entity will no longer remain to be operational.