Just what the doc ordered: Aadhaar for trading will end multiple PAN menace
Just what the doc ordered: Aadhaar for trading will end multiple PAN menace on Business Standard. Prevention of Money Laundering Rules, 2005 amended according to Gazette notification dated June'17 and makes mandatory for trading account holders to submit thier Aadhaar numbers by Dec 31, 2017.
Latest News The Prevention of Money Laundering (Maintenance of Records) Rules, 2005, has been amended according to a Gazette notification dated June 1, 2017, and it now makes it mandatory for trading account holders to submit their Aadhaar number by December 31, 2017. In case of a failure to submit the documents within the aforesaid time limit, the account shall cease to be operational till the time Aadhaar number is submitted by the client. When the government links the 12-digit Aadhaar card with the Permanent Account Number (PAN) card by December 31, 2017, it would have achieved the unthinkable: Getting rid of the menace of duplicate PAN cards. For years, the government has grappled with the menace of multiple PAN numbers, which fraudsters have been using to fragment and conceal their real income. This issue found mention in a 2011 CAG report, which made the government consider issuing biometric PAN cards to taxpayers across the country. There was no need to reinvent the wheel. By linking the Aadhaar card with the PAN card, the government, in one swift move, has made multiple PAN cards redundant as it is not possible to have multiple Aadhaar cards.
With this biometric verified identification, it is not possible for any person to have multiple Aadhaar numbers and by linking Aadhaar to PAN numbers, the government is making sure that one person can hold one PAN card only. This move is one of the several examples of how the Modi government has creatively used the government's pre-existing data bases to plug loopholes and get more bang for the buck.
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