Aadhaar linkage with bank accounts mandatory, says RBI
Team Udayavani, Oct 21, 2017, 5:09 PM IST
Mumbai: Reserve Bank of India today said biometric identity number Aadhaar linkage with bank accounts is mandatory.
The RBI clarification followed media reports quoting a reply to a Right to Information (RTI) application that suggested the apex bank has not issued any order for mandatory Aadhaar linkage with bank accounts.
“The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 published in the Official Gazette on June 1, 2017,” the central bank said in a statement.
These rules have statutory force and, as such, banks have to implement them without awaiting further instructions, it said.
The government in June had made Aadhaar mandatory for opening bank accounts as well as for any financial transaction of Rs 50,000 and above.
Existing bank account holders have been asked to furnish the Aadhaar number issued by the Unique Identification Authority of India (UIDAI) by December 31, 2017, failing which the account will cease to be operational, the government notification had said.
There were reports in media quoting an RTI query in which RBI had said it “has not issued any instruction so far regarding mandatory linking of Aadhaar number with bank accounts”.
The government in Budget 2017 had already mandated seeding of Aadhaar number with Permanent Account Number to avoid individuals using multiple PANs to evade taxes.
The notification issued amending the Prevention of Money- laundering (Maintenance of Records) Rules, 2005, mandated 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.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Felling of trees: What is being done to restore Delhi Ridge? SC asks DDA
UP govt to install 150,000 toilets for Maha Kumbh, set up paying guest facilities
Sexual harassment case cannot be closed on basis of compromise between parties: SC
BJP slams Rahul Gandhi over his recent opinion piece, calls it ‘laughable’
I’m not anti-business, I’m anti-monopoly: Rahul
MUST WATCH
Latest Additions
Felling of trees: What is being done to restore Delhi Ridge? SC asks DDA
Kinnigoli: Truck carrying red stone collides with Auto-Rickshaw; driver injured
UP govt to install 150,000 toilets for Maha Kumbh, set up paying guest facilities
Kavoor Police arrest two notorious cattle thieves
Udupi: Unidentified body found near Bailkere’s Vidhyodaya School
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.