HDFC Bank alerts customers – new Debit / Credit card will not be available after March 31

HDFC Bank: The year 2022 is about to come. Before the new year, HDFC Bank has alerted its customers. Banking services will be stopped if Aadhaar-Pan is not linked. For this, the bank has alerted the customers through SMS, mail. The bank has said that it is mandatory to link Aadhaar with PAN under Income Tax Act Section 139AA. If both are not linked by 31 March 2022, many bank-related works will not be possible.

What will happen if Aadhaar-PAN is not linked?
If you want to do any major transaction in the new year, then get it linked Aadhaar-Pan. If the PAN-Aadhaar has not been linked yet, then the PAN card will be considered invalid. Financial transactions cannot be done through inoperative PAN. TDS/TCS deduction will attract a higher tax rate.

Which banking service will not be able to use

Fixed deposits above Rs 50,000 will not be able to be done.

You will not be able to deposit cash above Rs 50,000.

There will be no new Debit/Credit Card issue.

You will not be able to invest and redeem in Mutual Funds.

You will not be able to buy any foreign currency above Rs 50,000.

The income tax department will impose a penalty
If there is no Aadhaar-PAN linking, the PAN card will be invalid. A penalty of Rs 10,000 will be levied for using an invalid PAN card in any financial transaction. Not only this, if the canceled PAN card is used for the second time, then the penalty amount can also be higher. The Income Tax Officer will have the right to fix this penalty. Under Section 272B of the Income Tax Act, there is a provision for a fine of Rs 10,000.

How to link Pan-Aadhaar
To link PAN-Aadhaar, go to the Income Tax e-filing website.

On the left side of the site page, you will get the option of Quick Links. Here you have to click on the ‘Link Aadhaar’ option.

Here you have to enter your PAN, Aadhar number, and name. After giving this information, an OTP will be sent to you.

After entering the OTP, your Aadhaar and PAN will be linked.

Keep in mind that the Income Tax Department crosschecks your details whether your Aadhaar and PAN information is valid or not.