Here's what rule 9 sub-rule 17 says if you fail to provide Aadhaar, PAN

Providing Aadhaar detail has become mandatory across India either for purchasing mobile sim card or for carrying out any financial transaction.
 
In a major relief, the Ministry of Finance on December 12, however, amended the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 for individuals in rule 9 sub-rule (17) which is related to financial transactions.
 
The Ministry replaced its earlier statement, “submit the Aadhaar number and  Permanent Account Number by 31st December, 2017", and issued new notification stating “submit the Aadhaar number, and Permanent Account Number or Form No. 60, by such date as may be notified by the Central Government”
 
Under PMLA Act, the rule 9 defines the client as an unincorporated association or a body of individuals, and directs them to submit details like  Aadhaar number, and Permanent Account Number or Form No. 60 of the Income Tax Act, rule 1962 to the reporting entity.
 
These reporting entities can be any one like stockbroker, chit fund company, cooperative bank, housing finance institution and non-banking finance companies.
 
Aadhaar along with other official documents is needed by the reporting entities from anyone opening a bank account as well as for any financial transaction of Rs 50,000 and above.
 
The rule is also applicable to cash dealing of more than Rs 10 lakh or its equivalent in foreign currency, cash transactions. Further, all cross-border wire transfers of more than Rs 5 lakh in foreign currency and purchase and sale of immovable property valued at Rs 50 lakh or more also fall under this category
 
What happens to your financial transaction, if you fail to provide Aadhaar, PAN number to reporting entities. Here's what the rule 9 sub-rule 17 tells you.
 
The sub-rule 17 clause (a) says "in case the client, eligible to be enrolled for Aadhaar and obtain a PAN does not submit the Aadhaar number or the PAN at the time of commencement of an account based relationship with a reporting entity, the client shall submit the same within a period of six months from the date of the commencement of the account based relationship."
 
Another clause (c) of sub-rule 17 in relation to clause (a) states, "in case the client fails to submit Aadhaar number and  PAN  within the aforesaid six months period, the said account shall cease to be operational till the time the details are being provided."
 
The ministry in a recent notification said, "Provided that in case client already having an account based relationship with reporting entities prior to date of this notification fails to submit the Aadhaar number and PAN  by 31st December, 2017, the said account shall cease to be operational till the time the Aadhaar number and PAN  is submitted by the client."
 
From the above notification, it can be understood that your account will be shut down if you do not submit details of PAN and Aadhaar after December 31, 2017.
 
In that situation, one would turn to Form No. 60 of IT Act, 1962 for carrying out financial transaction. Click here to view the form.
 
Under Form No. 60, details like name, surname, date of birth, address, amount of transaction and mode of transaction are given. It also has Aadhaar and PAN detail section, but it is optional document as one can provide details of document which gives proper address proof with the name.
 
However, despite the Form No 60, you also need to have Aadhaar and PAN details mentioned in the clause (c) if you want your financial transaction to be operational.
 
The Centre recently informed the Supreme Court that it would extend the deadline till March end of next year for mandatory linking of Aadhaar to avail various services and welfare schemes.