Post office to verify, verify your PAN with NSDL before you can invest in small savings plans

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Currently, in the Finacle CBS system, depositors’ PAN card is updated as part of KYC compliance. The PAN card entered into the system is validated based on the standard PAN format, i.e. 10 alphanumeric characters. However, the accuracy of the PAN card numbers provided by depositors or the PAN entered by postal agents are not currently validated with NSDL.

“It has been decided to restrict account opening without entering PAN or Form-60 details and to validate the accuracy of the entered PAN number by taking advantage of the online PAN number verification feature provided by NSDL”, declared an order from the Department of Posts. published on January 25, 2022.

The move came after problems encountered on TDS returns as it was not accepted due to an invalid or erroneous PAN mentioned, the Post Office said. The notification stated, “When filing TDS returns, many PAN numbers are not accepted in income tax returns due to invalid/erroneous PAN, resulting in complaints from depositors regarding non- availability of TDS deducted details in Form 26.4. ‘5 of depositors. In order to settle these complaints, DDOs are required to file corrective TDS statements which unnecessarily put DDOs and filers in trouble.

“Further, in accordance with Government Rule 6. General Savings Promotion Rules 2018 (GSPR 2018), wef. L8.L2.2019, for opening any account in Post Of6ce, submission of number PAN or Form – 60 is mandatory and if Form – 60 is submitted by the client, the PAN must be submitted by the depositor without fail, within next six months.If a depositor who has already opened an account before the date of notification (GSPR 2018) and has not yet submitted their permanent account number, the depositor must do so within six months from the date of notification (GSPR 2018) and if the depositor does not submit the permanent account within the specified period of six months, his account will cease to be operational until such time as the depositor submits the PAN number.”

Additionally, DoP said it has updated its system to ensure that PAN is correctly captured when creating and updating customer CIFs. Depositors are alerted when a cash transaction exceeds Rs. 50,000.

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