Aadhaar mandatory for bank account and high-value transactions
16th June, 2017Category:
The government announced its decision making the Aadhaar card mandatory for opening bank accounts and conducting financial transactions of Rs 50,000 and above. The 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.
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