Now, Aadhaar must for opening bank acc, transaction of Rs 50,000 or above

Furnish Aadhaar no by Dec 31, failing which your account will cease to be operational

Latest news:  The government has made quoting of biometric identity number Aadhaar mandatory for opening bank accounts as well as for any financial transaction of Rs 50,000 and above.

Existing bank account holders have been asked to furnish their Aadhaar number issued by the Unique Identification Authority of India (UIDAI) by December 31, 2017, failing which, the account will cease to be operational, according to a revenue department notification.

The government in Budget 2017 has already mandated seeding of Aadhaar number with Permanent Account Number (PAN) to avoid individuals using multiple PANs to evade taxes.

The notification issued amending the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, mandated quoting of Aadhaar along with PAN or Form 60 by individuals, companies, and partnership firms for all financial transactions of Rs 50,000 or above.

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Tightening the rules for small accounts, which can be opened without having officially valid KYC (know your customer) documents, the amendment said such accounts – which can have a maximum deposit of Rs 50,000 – can be opened only at bank branches which have core banking solutions.