Linking Aadhaar and PAN Becomes Mandatory for PPF, SSY and Other Small Saving Schemes
April 2023: The government has made it mandatory for investors to link their Aadhaar and PAN cards to their Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and other small saving schemes. The move is aimed at increasing transparency and preventing fraud in these popular savings schemes.
The linking of Aadhaar and PAN to small saving schemes will allow the government to better track and monitor investments made in these schemes, ensuring that only genuine investors are able to take advantage of the benefits offered by these schemes.
Investors will now be required to provide their Aadhaar and PAN details at the time of opening a new account or making any subsequent investments in these schemes.
Those who have already opened an account but have not linked their Aadhaar and PAN will be given a deadline to do so.
The linking of Aadhaar and PAN to small saving schemes is part of the government’s larger effort to promote digital transactions and reduce the use of cash in the economy.
It will also help prevent money laundering and other illegal activities, as well as promote financial inclusion by ensuring that only genuine investors are able to benefit from these schemes.
Investors who have not yet linked their Aadhaar and PAN to their small saving scheme accounts are advised to do so as soon as possible to avoid any inconvenience or penalties.
They can link their Aadhaar and PAN by visiting their nearest bank or post office and submitting the necessary documents.
Overall, the linking of Aadhaar and PAN to small saving schemes is a positive step towards promoting transparency and accountability in the financial system, and will help ensure that these schemes continue to benefit genuine investors.
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