The Pension Fund Regulatory and Development Authority (PFRDA) on March 23, 2023, issued a notification stating that PAN must be linked to Aadhaar by March 31, 2023.
The following has been stated namely: -
• The PAN allotted to a person shall become inoperative if it is not linked with Aadhaar by March 31, 2023, and shall be liable to all the consequences under the Income-tax Act, 1961 for not furnishing, intimating, or quoting the PAN
• PAN is one of the key identification numbers and part of Know Your Customer (KYC) requirements for NPS accounts, all concerned intermediaries are required to ensure valid KYC for all the subscribers
• All existing subscribers are also required to ensure the linking of their PAN with their Aadhaar number prior to March 31, 2023, for continual and smooth transactions and to avoid consequences of non-compliance.
• The non-KYC-compliant NPS accounts could face restrictions on NPS transactions until the PAN and Aadhaar are linked.
[Notification No. PFRDA/16/05/112/0018/2020-REG-POP]
