Aadhaar must: The Indian central government has made the new mandatory while transactions happen between two bank accounts for the opening bank accounts. The Aadhaar card is now mandatory to conduct the amount transaction of Rs 50,000 and above.
So, hereafter anyone looking to open a bank account, they need to add their Aadhaar number along with the income tax Permanent number (PAN). Also, as mentioned above, on every transaction which equally or more than the Rs 50,000, Aadhaar will also be needed to add.
Whereas, the existing accounts holders have to submit their Aadhaar number by the end of this year on December 31. If the account holder didn’t add their Aadhaar within the date, their Bank account will lead to inoperable.
As per the notification quoting of Aadhaar along with PAN or Form 60 by individuals, companies and partnership firms for all financial transactions of Rs 50,000 or above with effect from June 1.
However, the Income Tax department had earlier announced the decision to make Aadhaar mandatory for banking and financial purposes. In this new regulations were notified through amendments to rules related to maintenance of records under the Prevention of Money Laundering Act.