Submit Aadhar and self-certify before 30th April, orders IT
Posted on: 12/Apr/2017 3:53:27 PM
On Tuesday, the income tax department made a fresh notification that made Aadhar number and self-certification mandatory for all the bank accounts opened after July 2014 and until August 2015.
As per the new notification, the account holders ought to submit their Know Your Customer details along with Aadhar number to banks and financial institutions before 30th April. They should also self-certify in order to comply with the Foreign Tax Compliance Act or FATCA.
The financial institutions are instructed to inform the customers regarding repercussions that will rise when they fail to submit required details. The account holder should be informed that the accounts will be blocked if self-certification is not provided within deadline. In other words, if not submitted before 30th April, account holders will not be able to make transactions in the respective account.
