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One has to pay fine when if gives fictitious Aadhaar number

Monday - July 15, 2019 11:21 am , Category : WTN SPECIAL
Aadhaar number to be valid instead of PAN number in many financial works
Aadhaar number to be valid instead of PAN number in many financial works

Know the 'new' rules related to PAN card and Aadhaar card

JULY 15 (WTN) - As you know, the Government has given the option of giving Aadhaar number instead of the PAN card number in case of having no PAN card number in many large financial transactions to the people. But if you are going for the big transactions and want to use the Aadhaar card in it, then this news is very important for you. In fact, if you have provided wrong Aadhaar number in any of the bank related work, then you can be fined with a penalty of Rs 10 thousand.

For your information, let you know that after the relevant provision and notification issued, this punitive provision may apply from September 1, 2019. According to the new rules, if the Aadhaar Card number is not found correctly in the documents related to any transaction of the bank, then the concerned person will be fined of Rs 10,000. However, before applying the penalty, the concerned person will get the chance to keep his side.

In fact, the new rules are being amended according to the new provisions that have been made in the first full budget of the second term of the Modi Government in accordance with the Aadhaar card. While presenting the budget for the year 2019-20, Finance Minister Nirmala Sitharaman had said. “There will be no need for a PAN card for big transactions in the bank. If there is no PAN card, the Aadhaar card will be used. Section 272B will be amended for this.” For your information, let you know that Section 272B of the Income Tax Act has penal provisions on the use of PAN card related violations.

Finance Minister Nirmala Sitharaman has said in the budget speech that more than 1.2 billion Indians have Aadhaar card in the country. 22 million people have linked the PAN card to the Aadhaar Card in the country. The Government has given the facility that if the taxpayer does not have a PAN card number, then he can fill the income tax return from Aadhaar card number this time. There are so many financial works in the country that you can do without PAN card now.

As you purchase real estate worth more than Rs 10 lakhs, you can now give the Aadhaar number instead of the PAN card. At the time of cash transactions of more than Rs 50 thousand in the bank, you can give the Aadhaar Card number instead of PAN Card number. Purchasing of gold more than two lakh rupees, now the Aadhaar Card number will be valid instead of the PAN Card number. Now the Aadhaar Card number will be valid instead of PAN Card number at the time of booking a Four Wheeler.

Cash payment of Rs 50,000 and more at a time in a hotel-restaurant;  purchasing of mutual fund investment and shares; purchasing of foreign currency more than Rs 50,000, and deposit of Rs 50,000 and more as the premium of any insurance company in one year, the Aadhaar Card number can be given instead of the PAN Card number. Bank accounts and demat accounts can now be opened only through the Aadhaar Card number at this time.

So now you have known that how many new changes have been made regarding the Aadhaar Card and PAN Card in the budget. According to the new rules now the compulsions of PAN card for many financial services have ended. Now in many financial services, you can use the Aadhaar Card instead of the PAN Card. But for your information, let you know that only the same person can use the Aadhaar Card number instead of the PAN Card number, who does not have a PAN Card. If you have a PAN Card, then you have to use the PAN Card.