Linking of PAN with Aadhaar through e-filing website for NPS subscribers: The Pension Fund Regulatory and Development Authority (PFRDA) has urged all National Pension System subscribers to link their PAN and Aadhaar by March 31, failing which there could be restrictions on NPS transactions in the new Financial Year starting April 1, 2023.
The pension regulator issued an advisory on March 23 for NPS subscribers. The advisory titled, “Linking of PAN with Aadhaar to be done by March 31, 2023, said, “All existing subscribers are also required to ensure linking of their PAN with Aadhaar number prior to March 31, 2023, for continual and smooth transactions and to avoid consequences of non-compliance with the said CBDT circular, as such NPS accounts would be considered non-KYC compliant, and there could be restrictions on NPS transactions until the PAN and Aadhaar are linked.”
Read More: Do You Know How Much Cash A Person Can Store In Their House?
PAN is one of the key identification numbers and part of Know Your Customer (KYC) requirements for NPS accounts. According to the regulator, all concerned intermediaries in the NPS ecosystem are required to ensure valid KYC for all subscribers.
“Since PAN is one of the key identification number and part of Know Your Customer (KYC) requirements for NPS accounts, all concerned intermediaries are required to ensure valid KYC for all the subscribers,” PFRDA said.
As per provisions of Income Tax Act, 1961, it is mandatory for every person, who has been allotted a Permanent Account Number (PAN) to intimate his/her Aadhaar Number to the prescribed authority so that the Aadhaar and PAN can be linked. The linking is required to be done on or before the notified date, failing which the PAN shall become inoperative.
Read More: How to Reset SBI YONO Username, Password. Step-by-step Guide Here
“As per Central Board of Direct Taxes (CBDT) circular No. 7 of 2022 dated March 30, 2022, the PAN allotted to a person shall become inoperative if it is not linked with Aadhaar by March 31, 2023 and shall be liable to all the consequences under the Income-tax Act, 1961 for not furnishing, intimating or quoting the PAN,” the regulator said.
