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Aadhar mandatory for opening new bank accounts, transactions worth Rs 50000 or more
Posted on: 16-06-2017 , 04:36:PM | DY365 Bureau

 PIC COURTESY- THE ECONOMIC TIMES
June 16, 2017- The government has made Aadhaar mandatory for opening new accounts. It has noted that all existing bank accounts will have to be linked with Aadhaar number by December 31, 2017 or else they will be declared invalid.
Adding to this, the government has said that transactions worth Rs 50,000 or more will require Aadhaar number.
Interestingly, the bank accounts are not exactly the only thing that is going to be linked to Aadhaar number. Several weeks ago the government had also issued a directive to telecom operators in the country, asking them to re-verify all phone numbers with Aadhaar. If any phone number is not re-verified and linked to Aadhaar by February 2018, it will be deactivated.
The government in Budget 2017 has already mandated seeding of the Aadhaar number with Permanent Account Number to avoid individuals using multiple PANs to evade taxes.

 
 

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