NEW DELHI: The government has made the Aadhaar card mandatory for opening bank accounts and conducting financial transactions of Rs 50,000 and above.
Those with existing accounts will also have to submit their unique identification number by the end of December. Not disclosing it by December 31 will lead to suspension of the account.
While the income tax department had earlier announced the decision to make Aadhaar mandatory for banking and financial purposes, the new regulations were notified through amendments to rules related to maintenance of records under the Prevention of Money Laundering Act.
The move came around the time the Supreme Court upheld the validity of an I-T Act provision, making Aadhaar a must for allotment of PAN cards and for filing income tax returns.
The apex court had granted "partial relief" to those who do not have an Aadhaar number or an Aadhaar enrolment ID, ruling that the PAN of such individuals will not be cancelled for the time being.
The notification 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 with effect from June 1.
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