Aadhaar is now mandatory to keep bank accounts valid, govt sets December 31 deadline

The Government on Friday made Aadhaar mandatory for opening bank accounts. Further, existing account holders have been asked to submit their Aadhaar details to banks before December 31, 2017, failing which accounts will become invalid. Aadhaar has also been made compulsory for transactions above Rs 50,000.

Citizens have until the end of this year to submit their Aadhaar details to banks. All existing bank accounts will become invalid if Aadhaar details are not submitted by account holders by the end of this year. All transactions above Rs 50,000 will require Aadhaar details mandatorily.

The move to make Aadhaar compulsory to open and keep bank accounts valid comes less than a week after the government insisted that Aadhaar-PAN linking. A day after the Supreme Court upheld the validity of an I-T Act provision making Aadhaar mandatory for allotment of PAN cards and for ITR filing but had put a partial stay on its implementation till a Constitution bench addressed the issue of right to privacy, the government made it clear that the linking of the Aadhaar and the Permanent Account Number will be a "must" for filing Income Tax Returns and obtaining PAN from July 1.

OneIndia News