Original IDs must for bank transactions above Rs 50,000

Now you may have to provide original identification documents of individuals if you are depositing a cash of Rs 50,000 or above.

The Department of Revenue in the Finance Ministry has issued a gazette notification making an amendment to the Prevention of Money-laundering (Maintenance of Records) Rules.

The new rule now requires the reporting entity to compare "the copy of officially valid (identification) document so produced by the client with the original and recording the same on the copy".

The Aadhaar number and other official documents are required to be obtained by the reporting entities from anyone opening a bank account as well as for any financial transaction of Rs 50,000 and above.

In order to put an end to money laundering and black money menace, the Prevention of Money Laundering Act, 2002 was implemented.

OneIndia News (with PTI inputs)