Your Bank Account May Become Invalid by Year end

The Government has made it mandatory for all bank accounts to be linked to Aadhaar. Otherwise the banks accounts will be invalid

In a fresh move to curb black money and dubious transactions, the Union Government has made it mandatory to link all bank accounts to Aadhar.

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Opening new accounts in banks will mandatorily need Aadhar number. Existing bank account holders have to furnish Aadhaar number by December 31, 2017, failing which the account will become invalid.

The government has also made the biometric identity number Aadhaar mandatory for any financial transaction of Rs 50,000 and above.

A revenue department 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.

Tightening the rules for small accounts, which can be opened without having officially valid KYC documents, the amendment said such accounts, which can have maximum deposit of Rs 50,000, can be opened only at bank branches which have core banking solution.

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“The small account shall be monitored and when there is a suspicion of money laundering or financing of terrorism or other high risk scenarios, the identity of claim shall be established through the production of official valid documents,” the notification said.

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