NewDelhi, June 16: The Central Government has made Aadhaar mandatory for opening bank account, financial transactions of Rs 50,000 and above.
All existing account holders asked to submit Aadhaar to banks by Dec 31, 2017, failing which accounts will become invalid.
Banks have been instructed to invalidate those accounts which fail to submit Aadhaar card by the said date.
Government’s latest directive comes in the backdrop of a raging debate over Aadhaar and its ‘mandatory’ usages. 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 exercise. However, India’s apex court Supreme Court in a recent ruling has given some relief to those who don’t have Aadhaar in their name.