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Aadhaar must for opening bank accounts, transactions over ₹50,000

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Source: OrbitCollection

In the latest development on the Aadhaar debate, the Centre has made quoting of Aadhaar mandatory for the opening of bank accounts as well as for any financial transaction of ₹50,000 and above. While the existing account holders have been asked to submit their Aadhaar numbers 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.

Notably, the government in its Budget for 2017 has already made it mandatory to sync Aadhaar number with Permanent Account Number (PAN) to avoid individuals using multiple PANs to evade taxes. Similarly, the notification issued changing 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 ₹50,000 or above.

Making it stricter for small accounts which could be opened without having officially valid KYC documents, the amendment said that accounts which can have a maximum deposit of ₹50,000 can be opened only at bank branches which have core banking solution.