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Bank Accounts To Be Blocked If Not Linked With Aadhaar By April 30


If you didn't submit Aadhaar number and self -certification, your bank accounts might be blocked.

Bank accounts opened between July 1, 2014, and August 31, 2015, need to submit self-certification by April 30 to comply with FATCA (Foreign Account Tax Compliance Act) provisions, without which the accounts would be blocked, the income tax department said.

"The account holders may be informed that, in case self-certifications are not provided till April 30, 2017, the accounts would be blocked, which would mean that the financial institution would prohibit the account holder from effecting any transaction with respect to such accounts," the Central Board of Direct Taxes or CBDT said in a statement.

Bank Accounts To Be Blocked If Not Linked With Aadhaar By April 30

As per Income Tax notification, these financial institutions were asked to obtain self-certification and carry out due diligence for all individual and entity accounts opened from July 1, 2014, to August 31, 2015, to comply with the FATCA signed by India and the United States. Failure to meet the directive may result in blocking of the holder's account.

The Aadhaar number will also have to be linked to their PAN card, or else the PAN card will be cancelled from July 1. Linking Aadhaar With PAN: What To Do If Name On Aadhaar Does Not Match With PAN?

Read more about: bank account
Story first published: Thursday, April 13, 2017, 14:42 [IST]
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