The citizens would soon have to shell out Rs 10,000 as penalty every time, one fails to provide Aadhaar unique identification number accurately in documents related to high-value transactions.
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, as a report.
Union Finance Minister Nirmala Sitharaman while presenting her maiden Union Budget on July 5 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.
Currently, 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.