Government makes Aadhar Card Compulsory for bank accounts with High-value Transactions

The government makes Aadhar Card Compulsory for bank accounts with High-value Transactions: As per the newest rules of Government, Aadhar card is compulsory to open a new bank account and also for making transactions of Rs 50,000 or more.

Aadhar card is a Unique Identification number provided to all the citizens of India based on their Demographic and Biometric Data. The government is providing lots of benefits to all the citizens possessing Aadhar card.

The Income Tax Department has made a decision to make Aadhar card compulsory for Banking and Financial Services. Later on, it was put into consideration under the prevention of money laundering act.

Read More: Aadhar Card Status

Government makes Aadhar Card Compulsory for bank accounts with High-value Transactions

Government makes Aadhar Card Compulsory for bank accounts

Before few months, Supreme Court made Aadhar card mandatory to apply for a new PAN card and for filing the Income Tax Returns.

The Supreme Court has provided some relief to all the users who don’t have an Aadhar card. However, all such users have to provide enrollment receipt of Aadhar card while filing the Income Tax Return. The last date to link the Aadhar Card with PAN Card was 1st June, which is now extended to December 31st, 2017. The government has started this provision in order to detect multiple PAN card holders.

Read More: Aadhar Card Download

The Government has also made compulsory for all the Companies and Big Firms to provide Aadhar card along with PAN Card details while making any Transaction of Rs 50,000 or above.

From June 1, it is compulsory to provide Aadhar card details for opening a new bank account. But, if you don’t possess an Aadhar Card, then you have to provide valid proof of Aadhar as Enrollment Number Submit the Aadhar Number within 6 months of Opening the Account.

The Bank until now was asking for PAN Card or Form 60 for opening new accounts. While if anyone is not able to link Aadhar Card till 31st December 2017, that user’s account will be deleted.

Read More: Apply for Aadhar Card

All the big Companies and Firms who want to open a Bank Account will have to provide Aadhar Number of the manager or the employees on the behalf of a lawyer.

However, in the case of all the Big Transactions, the identity of the company has to be verified before making any Transaction of Rs 50,000 or above.

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