The central authorities on Friday made PAN and Aadhaar numbers obligatory for making investments in small saving schemes like Public Provident Fund PPF), Sukanya Samriddhi Yojana (SSY), Submit Workplace Saving Scheme, Senior Residents Saving Scheme (SCSS).
The Ministry of Finance issued a notification on this regard as a part of KYC (Know Your Buyer) for small saving schemes.
Earlier than this, it was doable to put money into small financial savings plans with out offering an Aadhaar quantity.
To any extent further Aadhaar enrolment quantity might be required with a purpose to put money into government-backed small saving schemes. The notification additionally made it clear that anybody making investments over a certain amount might want to present a PAN card.
As per the notification, small saving subscribers should submit their Aadhaar quantity by September 30, 2023, in the event that they did not submit it whereas opening PPF, SSY, NSC, SCSS, or every other small financial savings account.
The notification additional made it clear that new subscribers who want to open any of the small saving schemes with out an Aadhaar quantity should furnish their Aadhaar quantity inside six months of account opening.
Present customers could have their accounts frozen beginning on October 1, 2023.
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The notification added that PAN must be submitted on the time of small financial savings account opening. In case the PAN will not be submitted on the time of account opening, it should be submitted inside two months of account opening within the following instances – “the stability at any level of time within the account exceeds fifty thousand rupees, or the combination of all credit within the account in any monetary 12 months exceeds one lakh rupees, the combination of all withdrawals and transfers in a month from the account exceeds ten thousand rupees.”
“Within the occasion of failure of the depositor to submit the Everlasting Account Quantity (PAN) inside the specified interval of two months, his account shall stop to be operational until the time he submits the Everlasting Account Quantity to the Accounts Workplace,” the notification added.