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PAN-Aadhaar linking, changes in cheque clearing system: New rules from September 1

Here are the changes from September 1

PAN-Aadhaar linking deadline extended till March 2019: CBDT order [File] Petitions challenging the validity of the Aadhaar are still pending in the court | PTI

From extension of the deadline for mandatory linking of Aadhaar to PAN to Aadhaar-PF linking, here are the major changes to rules that will kick in from September 1. 

Linking of PAN with Aadhaar

The government has extended the deadline for citizens to link their Permanent Account Number (PAN) with Aadhaar till September 30. The deadline earlier was June 30, 2021, which was later extended by three months. However, now citizens are required to link their PAN with Aadhaar till the said date.

Aadhaar-PF linking

From September 1 onwards, employers can also credit their contribution of the provident fund (PF) only if the employee’s Aadhaar number is linked to their Universal Account Number (UAN). The Employees' Provident Fund Organisation (EPFO) amended Section 142 of the Code of Social Security, 2020, which has made the Aadhaar-PF linking mandatory for availing of various services, receiving payments, and seeking benefits, among others.

Changes in cheque clearing system

Positive Pay System will be applicable for the transaction of Rs 50,000 or more checks of RBI. Under this, the bank will have to give information about the transaction of Rs 50,000 or more checks through net banking, mobile banking, or by visiting the bank branch. If this is not done, the check may be rejected. As per the new rule, the customers, who are looking to issue cheques, will have to inform their respective banks about the cheque details via net/mobile banking or a physical visit to the branch. If the issuer fails to inform the bank prior to the cheque being issued, then the cheques will get bounced. Similarly, this could prove a hurdle for senior citizens or people who are unfamiliar with online/net banking. 

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