Business Desk, ETV Bharat: India’s largest lender State Bank of India (SBI) has asked its customers to link their Permanent Account Number (PAN) with Aadhaar. The bank customers were asked to do so by June 30.
The bank further said that if the customers fail to complete the process before the deadline, they will face difficulties in accessing seamless services.
"We advise our customers to link their PAN with Aadhaar to avoid any inconvenience and continue enjoying a seamless banking service," SBI said in a recent tweet.
The tweet further noted that linking of PAN with Aadhaar is mandatory.
“If not linked, PAN will be rendered inactive and cannot be quoted for conducting specified transactions. The last date for linking PAN with Aadhaar is June 30, 2021,” the tweet added.
PAN is a ten-digit alphanumeric identifier, issued by Income Tax Department. Each assessee (individual, firm, company, etc.) is issued a unique PAN, while Aadhaar number is a 12-digit random number issued by the UIDAI to the residents of India after satisfying the verification process laid down by the government.
At present, PAN is mandatory to avail a host of financial transactions including the opening of bank accounts, cash deposits in bank accounts, the opening of Demat accounts, transaction of immovable properties and dealing in securities.
Aadhaar is biometric-based and cannot be obtained based on any other identification document, linking the two is considered crucial for tax administration.
According to a latest government directive, the last date for linking PAN with Aadhaar number is June 30, 2021. The Union Budget 2021-22 has introduced a Rs 1,000 fine for missing the deadline.
