NEW DELHI: The government on Friday announced its decision making the Aadhaar card mandatory for opening bank accounts and conducting financial transactions of Rs 50,000 and above.
Moreover, existing bank account holders have been asked to submit their Aadhaar cards issued by the Unique Identification Authority of India (UIDAI) to banks by December 31 this year, failing which banks will invalidate their accounts.
The move comes days after 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 a “partial relief” to those who do not have an Aadhaar or an Aadhaar enrolment ID, ruling that the PAN of such individuals will not be cancelled for the time being.
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 with effect from June 1.