This information is helpful for you if you invest in government-run small savings programmes. The Finance Ministry recently modified the regulations for PPF, Sukanya Samriddhi Scheme, Senior Citizen Saving Scheme (SCSS), and National Saving Certificate (NSC). The new regulation has already been made known to the Finance Ministry. Aadhaar and PAN are required for investing in all of these initiatives, according to a government notification.
Time for investors until September 30th
The Finance Ministry has given investors till September 30th to do this. If you disregard the Finance Ministry’s demand, your account will be free as of October 1. Investors would be required to furnish PAN and Aadhaar for KYC for all modest savings plans, including PPF, Sukanya Samriddhi Yojana (SSY), Post Office Scheme, and Senior Citizens Saving Scheme, according to a notification released by the Finance Ministry. It is essential. Before, investments could be conducted under Central Government regulations even without having an Aadhaar.
PPF Update – In 2015, the Sukanya Samriddhi Yojana was launched
You can invest using your Aadhaar enrollment number even if you haven’t created an Aadhaar yet. The announcement makes it quite clear that PAN cards must be provided for investments that exceed a specific threshold. In 2015, the Modi administration launched the Sukanya Samriddhi Yojana. Prior to the government notification, Aadhaar was not required to invest in this programme. However, the law has since been modified. PAN cards or Form 60 must be supplied when creating an account under a programme like Sukanya Samriddhi, according to Finance Minister Nirmala Sitharaman. If you are unable to submit your PAN at that time, you have two months to do so.
Which plans are subject to the rule?
- Post Office Monthly Income Scheme (POMIS)
- Post Office Fixed Deposit (FD)
- Post Office Recurring Deposit (RD)
- Post Office Time Deposit (TD)
- Sukanya Samriddhi Yojana (SSY)
- Certificates of Savings Mahila Samman
- PPF, or Public Provident Fund
- Kisan Vikas Patra (KVP)
- Senior Citizens Savings Scheme (SCSS)
Read more: LIC is currently providing a discount of Rs. 4000 on this sort of policy as part of a special offer
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