Aadhaar A Must To Open Bank A/C
New Delhi: The Central government took a crucial decision regarding Aadhaar on Friday. It made Aadhaar card mandatory for opening bank accounts and conducting financial transactions of ₹ 50,000 and above.
Further, it asked the existing bank account holders to submit their Aadhaar cards issued by the Unique Identification Authority of India (UIDAI) to banks by December 31 this year, failing which their accounts will be invalidated by banks.
The revenue department issued directives in this regard. In order to prevent misuse of PAN Cards, the government made linking of PAN Card with Aadhaar. This will prevent people using multiple PAN Cards and evade taxes.
However, recently the Supreme Court has given 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.
While a debate was raging across the country over mandatory usage of Aadhaar, the government took the decision.