Business Mantra News
Government of India, once again extended the last date of linking PAN with Aadhaar Card from 30-Jun-2018 to 31-Mar-2019 for the 5th time since it was made mandatory to link PAN with Aadhaar Card.
Meanwhile, from 01-Jul-2018, Government has made operational the Virtual Identification (VID) System instead of Aadhar Number for verification of identity of a person. Authenticating User Agencies (AUA) have been given time till 31-Aug-2018 to adopt and deploy the system of VID.
Banks, E-sign Service Provider Companies and Telecom Companies have been categorized as Authenticating User Agencies wherein limited access to the personal data of the Aadhaar holder is allowed for the purpose of e-KYC verification.
After 30-Jun-2018, if Telecom and E-sign Service Provider Companies do not use VID, they would have to pay penal charges of Rs.0.20 per transaction. However, a transition period of 31 days would be allowed and charges would be waived during that period.