Source: News Bharati English17 Jun 2017 10:37:13

New Delhi, June 17: The Centre has made Aadhaar compulsory for opening bank accounts. Furthermore, existing bank account holders have been asked to submit their Aadhaar to banks. The accounts which are not be seeded with Aadhaar number by due date will become invalid.

According to a notification issued by the Revenue Department, all existing bank account holders have also been asked to submit Aadhaar to banks by 31st December this year. Government has made Aadhaar card mandatory for the cash transaction for amounts more than 50,000 rupees.

The notification amends the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. It stated that Aadhaar will be now mandatory for individuals, companies and partnership firms for all financial transactions of 50,000 and above.

Currently, providing PAN number or Form 60 to banks while opening of accounts or for high value transactions are must. The government has already said that linking of Aadhaar with PAN will be mandatory to avoid individuals using multiple PANs to evade taxes.

The move came around the time the Supreme Court upheld the validity of an I-T Act provision, making Aadhaar a must for allotment of PAN cards and for filing income tax returns.

The apex court had granted partial relief to those who do not have an Aadhaar number or an Aadhaar enrolment ID, ruling that the PAN of such individuals will not be cancelled for the time being.