Aadhaar mandatory for opening bank account, transactions of Rs 50,000 and above

All the exixting account holders have been asked to submit Aadhaar to banks by December 31, 2017, failing which accounts will become invalid.

By: Express Web Desk | New Delhi | Updated: June 16, 2017 4:31 pm
aadhaar, aadhaar mandatory, bank account aadhaar, supreme court, indian express news, india news Government has made it mandatory for financial transactions of Rs 50,000 and above.

In a fresh development, Government has made Aadhaar mandatory for opening a bank account. It has also made it mandatory for financial transactions of Rs 50,000 and above. All the existing account holders have been asked to submit Aadhaar to banks by December 31, 2017, failing which accounts will become invalid.

It has come a week after the Supreme Court upheld the government’s decision to link Aadhaar to one’s PAN card but refused to make it compulsory for those who don’t have an Aadhaar card or who have not yet applied for one, till a Constitutional Bench decides on the privacy question pending before it.

Read | What is Aadhaar card and where is it mandatory?

The tax provision by the Centre, said that those who file income tax returns without an Aadhaar-linked PAN card would have their PAN declared invalid.

Read | Here’s how you can link Aadhaar with PAN card

“Court upheld validity of law, since a larger challenge is pending before the Constitution Bench. Today, anybody can get a PAN card with any name on it. A person can get several PAN cards — say, as Mukesh Gupta, then another as Mukesh Kumar Gupta, and a third as M K Gupta, so on and so forth,” said Attorney General Mukul Rohatgi.

Earlier, Aadhaar was made mandatory for Beedi/Iron Ore/limestone workers for availing house subsidy, supplementary nutrition program, farmers wanting to take crop insurance benefit, people wishing to avail benefits of welfare schemes under Integrated Department of Horticulture, National Apprenticeship Promotion Scheme and Janani Suraksha Yojana, to get Maternity Benefit Programme and Integrated Child Protection Scheme, etc.

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  1. S
    srinivasan ranganathan
    Jul 28, 2017 at 9:24 pm
    I have a joint account with my mother-in-law who gets monthly dependant's pension and I operate our account on her behalf. Her late husband had retired from Central Excise and passed away a couple of years back. She is over 85 years of age, immobile due to hip bone fracture and lives under the care of her second daughter in USA. She does not have an Aaadhar card and cannot travel to india as she is bedridden. She would continue to get her pension in her account as she is legally en led, but the account will be frozen thereafter. She is legally en led to her pension as long as she is alive. The money would continue to be deposited in her account every month but it cannot be withdrawn if the account is frozen. What is the solution to this problem? Can somebody throw some light on the how to go about this problem?
    Reply
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      l s
      Jun 16, 2017 at 8:39 pm
      People will one day become mad with the number of do ents all agencies are asking. A day will come when Sulabh (toilets ) will also ask for PAN and Aadhar for visiting the loo. Never thought a ady like this will be faced.
      Reply
      1. N
        Needhi
        Jun 16, 2017 at 8:18 pm
        One day aadhar will be needed for even breathing. Sad and sick.
        Reply
        1. V
          vishal
          Jun 16, 2017 at 7:44 pm
          The ordinary man pays taxes on his income , he pays taxes on his expenditures, he pays taxes on income earned from life-savings, he pays water tax , sewerage tax , property tax . Only the air he breathes has not been taxed yet . But this ordinary man has to now wear an electronic leash called aadhar . While polticial parties that receive thousands of Crores in anonymous donations don't have to pay a single rupee in Tax. Pseudo-Charitable organizations run by Babas , yogis and godmen and who are mere fronts for money launderers are also Exempt from Tax.
          Reply
          1. N
            Needhi
            Jun 16, 2017 at 8:11 pm
            In another 10 yrs time it will be proven that aadhar was the biggest mistake outr country made. One of the retrograde step for a developing country. Middle class to be punished for their hard work.
            Reply
          2. V
            vishal
            Jun 16, 2017 at 7:35 pm
            MAXIMUM GOBARMENT , minimum governance.
            Reply
            1. S
              Sankaran Krishnan
              Jun 16, 2017 at 7:23 pm
              In that case there is no need to apply for Pan Card also once Aadhaar is linked why not wind up the pan card from the transaction and hope the Govt. will simplify the rules and regulation instead of complicating !!!
              Reply
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                ashok s
                Jun 16, 2017 at 7:20 pm
                Dealing with icici direct costed me rs 1500 loss . I am still begging before them for compensation . digital India is dream project of just one person to help ambanis n adanis . we are aadhar of their richness , n poor of by our virtue , born in India
                Reply
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                  ashok s
                  Jun 16, 2017 at 7:16 pm
                  Aadhar card must be necessary for buying burgers from McDonald. Nowadays icici bank n mc Donalds have joint scheme of not refunding customers money . I lost rs 226 while purchasing a meal , which never came to me . I wasted another rs 100 calling them .
                  Reply
                  1. N
                    Needhi
                    Jun 16, 2017 at 8:15 pm
                    I lost 1500 to irctc. Digital india. Reality will soon bite everybody. Basic needs like roads, clean water and clean air are still a dream for most of us. Jetairways charged 250 extra for using credit card for single passenger. Where can we report all these.
                    Reply
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