Aadhaar mandatory for opening bank account

New Delhi June 16: The government has made quoting of biometric identity number Aadhaar mandatory for the opening of bank accounts as well as for any financial transaction of Rs 50,000 and above.

Existing bank account holders have been asked to furnish the 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 revenue department notification.

The government in Budget 2017 has already mandated sending of Aadhaar number with Permanent Account Number 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.