Submission of Aadhaar card and PAN card has been made mandatory to avail the benefits of small savings schemes run by the Modi government such as PPF, NSC, Sukanya Samriddhi Yojana, and Senior Citizen Savings Scheme.
While investing in these schemes, you must have linked Aadhaar and PAN card to your account. If you do not do this, your account may be frozen and you will not be able to avail the benefits of these schemes.
What are the new rules
The government has made it mandatory to submit an Aadhaar and PAN card to make small savings schemes more transparent and protect them from fraudulent activities.
These changes have come into effect from April 1, 2024, and are aimed at ensuring the correct identification of account holders and organizing the data.
Aadhaar Card Mandatory
If you do not have an Aadhaar card, you have to submit the Aadhaar card within 6 months. During this time you can also provide an Aadhaar enrollment slip or enrollment number. If Aadhaar is not submitted within 6 months, the account will be frozen.
Mandatory requirement of PAN card
It is mandatory to submit a PAN card or Form 60 within 2 months of opening the account. If this is not done, the account will be frozen and no transaction will be possible in the account until the PAN card is submitted.
How it will be beneficial
Linking Aadhaar and PANs increases the security of your identity, and this step has been taken to avoid any fraud. This will help the government to bring transparency in the schemes and protect the identity of the investors.
Government’s objective
The government aims to prevent fraudulent activities and bring transparency in savings schemes through this step.
By submitting Aadhaar and PAN card information, it is being ensured that only eligible persons can avail of the benefits of the schemes.
This will prevent fake accounts and identities, which will increase transparency in the economic system.