Aadhaar card made mandatory for new accounts, over 50k transactions

Mumbai: Apart from the existing account holders, who are asked for furnishing their Aadhaar cards by December 31, 2017, The Union government has made it compulsory for new account holders as well to provide their Aadhaar cards.
Moreover, while doing a transaction of Rs 50,000 or above, it will be mandatory for account holders to furnish their Aadhaar card, across various branches of the banks.

Banks have been instructed to invalidate those accounts which fail to submit Aadhaar card by the aforesaid date.

Earlier, the government through another resolution had made Aadhaar compulsory for filing income tax returns. Besides, linking of Aadhaar with Permanent Account Number or PAN cards was also made a must. However, Supreme Court in a recent ruling has given some relief to those who don’t have Aadhaar in their name.