PAN Aadhaar link: With this, no fresh investment will be able to be made in mutual funds. Nor will you be able to take mutual fund money. Some people believe that it is not necessary to have a PAN-Aadhaar link to withdraw money from the fund. Fund money will be withdrawn only when KYC and PAN are valid.
The deadline for linking PAN card with Aadhaar, which was earlier till 30 June 2020, has been extended by the government to 31 March 2021. The government had taken this decision regarding Corona. If you do not do this by March 31, then your PAN card will become inactive and you will not be able to do major financial transactions.
The month of July is going to be very special for those whose mutual fund (MF) is linked to the PAN card. The number of such people is about 20-30 lakhs. The last date for linking PAN with Aadhaar card is June 30. If you do not link both the papers by this last date, then the mutual fund will be affected. According to the Income Tax Act, if you do not link PAN and Aadhar card with each other by June 30, then a compensation of Rs 10,000 will have to be paid. The biggest thing is that after June 30, your Aadhaar will become invalid or useless.
Now know that if the PAN card becomes invalid, then whether you can make any kind of investment or not. If you want to invest in mutual funds, then you have to do two types of paperwork. First, Know Your Customer or KYC is necessary. Second, you must have a valid PAN card. If your PAN card is not linked with Aadhaar then it will become invalid. In this case, you will not be able to invest in mutual funds.
how many pan card link
According to mutual fund transfer agency Computer Age Management Services (CAMS), there are about 20 lakh PAN numbers which are not linked with Aadhaar card. If you look at the number of full PAN cards, about 10 percent of PANs are being used in mutual funds. About 30% PAN cards are not linked with Aadhaar. According to Income Tax rules, it is mandatory to link Aadhaar and PAN by June 30. If this does not work, the PAN will become inoperative or invalid. With this, the KYC of mutual funds will also become useless.
With this, no one will be able to make fresh investments in mutual funds. Nor will you be able to take mutual fund money. Some people believe that it is not necessary to have a PAN-Aadhaar link to withdraw money from the fund. But SEBI regulations state that funds will be released only when KYC and PAN are valid.
what the banks said
Banks have also started telling their customers to link Aadhaar and PAN by June 30, otherwise the Savink account may get frozen. There will be difficulty in withdrawing money from the savings account, but credit card facility will continue to be available. The problem will not be only in mutual funds, when your PAN becomes invalid. You will have to give PAN number for work like opening a new bank account, applying for credit and debit cards, buying debentures, buying bonds, investing money in small savings above 50 thousand. If you do not link Aadhaar and PAN together, then there will be a problem in the work related to investment.
how to link aadhar and pan
This job is easy. For this you have to go to www.incometax.gov.in. Our services will be written on the page. Go there and click on link aadhaar. Enter your PAN number and Aadhaar number here. Enter the same name as mentioned on Aadhaar and PAN here. If only the year of birth is written in your Aadhaar, then a box will be made at the bottom of this page. Click on this box. With this, your PAN and Aadhaar will be linked with each other.
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