Navdeep ji
Where Sikhs stand on the issue of reincarnation is not a question that is easy to answer. There are some radically different points of view. I don't want to grandstand on that question. There are forum members who can give some very brilliant responses and they will come from every side of the question.
Reference:: Sikh Philosophy Network http://www.sikhphilosophy.net/new-to-sikhism/28918-concept-of-reincarnation.html
So let them speak away.
I do however want to say that one can believe in reincarnation, and yet still find the story told of Hemkunt to be difficult to believe. And I would go further and say that belief in reincarnation does not automatically lead a person to accept the mythology contained in Bachittar Natak.
Reference:: Sikh Philosophy Network http://www.sikhphilosophy.net/showthread.php?t=28918
I adhere to a belief in reincarnation, but do not believe one word in Bachittar Natak. And I am not alone.
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ਜੇ ਕੋ ਮੂੰ ਉਪਦੇਸੁ ਕਰਤੁ ਹੈ ਤਾ ਵਣਿ ਤ੍ਰਿਣਿ ਰਤੜਾ ਨਾਰਾਇਣਾ ॥
jae ko moon oupadhaes karath hai thaa van thrin ratharraa naaraaeinaa ||
If someone is going to teach me something, let that be that the Lord is pervading the forests and fields.