New Delhi: While presenting the Union Budget on July 5, finance minister Nirmala Sitharaman said that PAN and Aadhaar cards are being made interchangeable and the central government will now allow those who do not have PAN to file I-T returns by simply quoting their Aadhaar number. They can also use Aadhaar wherever they are required to quote PAN.
However, if you quote incorrect Aadhaar number to your bank, then you will have to shell out Rs. 10,000 as fine.
The penal provision is expected to be applicable from September 1 this year after amendments to relevant laws and the subsequent issuance of a notification, Hindustan Times reported.
At present, over 120 crore Aadhaar numbers have been issued in the country and about 41 crore PAN numbers have been generated. Out of these, 22 crore PANs are linked with Aadhaar.
There are also reports that all PAN cards that have not been linked to Aadhaar will be deactivated after August 31.