Aadhaar linkage deadline put off until SC verdict

RELIEF March 31 no longer last date to link phone, bank a/c

NEW DELHI: The Supreme Court extended on Tuesday the March 31 deadline to link Aadhaar with various government services, bank accounts, Permanent Account Numbers for filing tax returns and even mobile phone connections indefinitely until after it delivers a final verdict on petitions questioning the validity of the unique identification number.

The extension of the deadline offers relief to consumers bombarded by messages from service providers including banks and mobile phone companies asking them to link their accounts to Aadhaar before the deadline.

A five-judge bench led by Chief Justice Dipak Misra said the extension will not apply to government services and benefits like pensions and scholarships, subsidised foodgrains under the

The extension will not apply to pensions and scholarships, subsidised foodgrains under PDS, subsidised cooking gas, job guarantee plan for rural households

Still, the order will offer relief to consumers bombarded by messages from banks and mobile companies asking them to link their accounts to Aadhaar

Public Distribution System, subsidised cooking gas and the flagship job guarantee plan for rural households.

Such benefits are covered by Section 7 of the Aadhaar Act, which deals with the delivery of financial benefits and subsidies and services under government welfare programmes.

Those drawing such benefits before the deadline

The UIDAI said the requirement of Aadhaar for new bank accounts or for tatkal passports will continue

A final judgment on Aadhaar’s validity and its rules is unlikely before the end of this month.

will be required to provide the biometric ID details and number assigned to them by the Unique Identification Authority of India (UIDAI).

The court restrained the authorities from insisting on Aadhaar for issuance of tatkal passports, which are processed faster. MUMBAI: The Reserve Bank of India (RBI) on Tuesday barred banks from issuing letters of undertaking (Lous), the instruments used by Nirav Modi and Mehul Choksi to defraud Punjab National Bank (PNB), in a move that may deal a blow to trade financing in India and raise credit costs for importers.

RBI also barred lenders from issuing letters of comfort (LOC) as trade credit for importing goods into India with immediate effect. It, however, allowed banks to continue to issue letters of credit and bank guarantees.

The central bank’s move is likely to lead to a freeze in trade financing activities in India, increasing costs for importers who have relied on these instruments to get cheaper overseas credit to pay suppliers. It will also put companies that have received credit based on Lous in a spot, as they have to now repay their borrowings since there will no rollover of existing Lous.

Importers prefer loans based on Lous as they are denominated in foreign currency and are cheaper than rupee credit.