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Aadhaar now compulsory for new and existing bank accounts

The central government has issued a new notification that has made Aadhaar card compulsory for all bank accounts. Now, anyone who wants to open a bank account will have to provide their Aadhaar card details. Also, existing bank customers will have to enroll for Aadhaar and submit their Aadhaar details with their respective banks by December 31, 2017. In case existing bank customers fail to provide their Aadhaar card details by December 31, 2017, the bank will have the power to mark such accounts as non-functional. The notification regarding this was issued by the government’s revenue department.

For new customers, if they have not received their Aadhaar card yet, they can mention their Aadhaar enrollment number to open their bank account. The revenue department has also made it mandatory for people to quote their Aadhaar number in case the value of the transaction is Rs 50,000 or above. The 50,000 rule also applies to companies and partnership firms. Such entities will have to mention their Aadhaar, PAN or Form 60 for all financial transactions that are equal to or more than Rs 50,000.

The move is in line with the government’s consistent focus on reducing tax evasion and corruption.

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