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Home Mutual Funds

You Won’t Be Able To Make These Mutual Fund Transactions From July, Here’s Why

MtR by MtR
June 23, 2021
in Mutual Funds
0
You Won’t Be Able To Make These Mutual Fund Transactions From July, Here’s Why


bredcrumb bredcrumb

Business

oi-Vipul Das

|

Published: Wednesday, June 23, 2021, 16:32 [IST]

With effect from July 1, 2021, PAN-Aadhaar linking would be required for all MF transactions, according to the rules issued by the Income Tax Department. If a mutual fund investor will not link his or her PAN with Aadhaar before June 30, 2021, then he or she would not only have difficulty making subsequent or fresh investments but will also be unable to withdraw their funds due to the resulting of an invalid PAN. Here is a list of mutual fund transactions that will not be authorized from July if a mutual fund investor does not link PAN with Aadhaar on or before the deadline of June 30, 2021.

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You Won’t Be Able To Make These Mutual Fund Transactions From July, Here’s Why

  • New investors having invalid PAN would not be allowed to make an initial contribution to any mutual fund schemes.
  • Existing investors having invalid PAN would not be able to make subsequent contributions to any ongoing or new mutual fund schemes. Even existing investors or subscribers would not be able to make additional purchases for their mutual fund portfolios.
  • Having an invalid PAN due to non-linking of it with Aadhaar will also create trouble for existing investors as they would not be able to make subsequent or fresh Systematic Investment Plan (SIP) to any mutual fund schemes.
  • In case of an invalid PAN, even investments made through the Systematic Transfer Plan (STP) from one MF plan to another would be halted.
  • Existing and new mutual fund investors would be unable to withdraw their funds invested in any MF schemes if their PAN becomes invalid, since redemption claims will be declined.
  • The Systematic Withdrawal Plan (SWP) would also be halted, resulting in an invalid PAN. Which may cause you to unmeet your immediate financial needs.

To summarise, investors could experience difficulties beginning July 1, 2021 for every MF transaction, including new purchases, subsequent purchases, SIP, SWP, STP, redemption, and so on. If there is a discrepancy in PAN or Aadhaar that prevents the two from being linked, mutual fund investors should update their PAN or Aadhaar data as soon as possible and link their PAN with Aadhaar to become a mutual fund investor with a valid PAN starting from July 1, 2021.

  • You May Have To Pay Rs 10,000 As Penalty To The Income Tax Department In July, Here’s Why
  • From July 1 You May Have To Pay Higher TDS On Your Bank Or Post Office Deposits, Here’s Why
  • From Investing In FDs Or Mutual Funds To TDS, Why PAN-Aadhaar Linking Is A Must?
  • Aadhaar-PAN Not Linked? List of Transactions You Will Not Be Able To Do From July 1
  • Big Update: SBI Customers Need To Do This On Or Before June 30
  • Link Aadhaar And PAN: How To Check If Aadhaar And PAN Are Linked Or Not?
  • How to Register for Umang App? Avail EPFO, PAN, NPS, GST, Gas, DigiLockers in a single app
  • PAN-Aadhaar Linking: Deadline Extended To June 30 Due To COVID Pandemic
  • Linking PAN With Aadhaar? Income Tax Website Crashes, Users Demand Extension
  • Check The New Penalty Rule For Not Linking PAN With Aadhaar Before March 31
  • Be Ready To Pay A Penalty Of Rs 10,000 If You Don’t Do This Task Before March
  • How To Link Aadhaar With PAN Before The Deadline 31 March 2021

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Story first published: Wednesday, June 23, 2021, 16:32 [IST]





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