Time Limit to report Aadhaar and PAN to banks etc under PMLA extended/postponed indefinitely

Time limit to report Aadhaar and PAN to banks etc extended/postponed indefinitely. Earlier the deadline for existing was 31st December 2017 or six months for existing clients. 

Time limit to report Aadhaar and PAN to banks

MINISTRY OF FINANCE
(Department of Revenue)

Notification No. 9/2017

New Delhi, the 12th December, 2017

G.S.R. 1506(E).—In exercise of the powers conferred by sub-section (1) read with clause (i), clause (j), clause (jj) and clause (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government in consultation with the Reserve Bank of India hereby makes the following rules further to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, namely:—

1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Seventh Amendment Rules, 2017.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, in rule 9,—

(a) in sub-rule (17),—

(i) in the proviso to clause (a), for the words, figures and letters “submit the Aadhaar number and Permanent Account Number by 31st December, 2017”, the following words, letters and figures shall be substituted, namely:—

“submit the Aadhaar number, and Permanent Account Number or Form No. 60, by such date as may be notified by the Central Government”;

(ii) for the proviso to clause (c), the following proviso shall be substituted, namely:—

“Provided that in case the client already having an account based relationship with reporting entities prior to the date of publication of this notification in the official Gazette fails to submit the Aadhaar number and Permanent Account Number by such date as may be notified by the Central Government, the said account shall cease to be operational till the time the Aadhaar Number and Permanent Account Number is submitted by the client.”

[F. No. P.12011/11/2016-ES Cell-DoR]

BIPLAB KUMAR NASKAR,
Under Secy.

—————— End of Notification ——————

Note:
Under Rule 9 related to Client Due Diligence, in case the client, eligible to be enrolled for Aadhaar and obtain a Permanent Account Number, does not submit the Aadhaar number or the Permanent Account Number at the time of commencement of an account based relationship with a reporting entity, the client shall submit the same within a period of six months from the date of the commencement of the account based relationship. However, the clients, eligible to be enrolled for Aadhaar and obtain the Permanent Account Number, already having an account based relationship with reporting entities prior to 1st June, 2017, the client were required to submit the Aadhaar number and Permanent Account Number by 31st December, 2017.

Further, as per Rule 17(a), in case the client fails to submit the Aadhaar number and Permanent Account Number within the six months period, the said account shall cease to be operational till the time the Aadhaar number and Permanent Account Number is submitted by the client.

 

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