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New Delhi: The Union government on Friday has made quoting of biometric identity number Aadhaar mandatory for opening of bank accounts as well as for any financial transaction of Rs 50,000 and above. Following the announcement, all existing bank account holders will be asked to submit their Aadhar details to their respective bank branches by December 31, 2017.
As per the Revenue Department notification, if account holders fail to furnish the details by the said date the banks will invalidate their account. The government, in Budget 2017, had mandated seeding of Aadhaar number with Permanent Account Number (PAN) to avoid individuals using multiple PANs to evade taxes.
Earlier on Monday, the government clarified that Aadhaar number will be required to avail of the central co-contribution benefit under the Atal Pension Yojna (APY) scheme.
“An APY subscriber will have to get the Aadhaar number recorded in his or her APY pension account and also in his/her savings account where the periodic pension contribution instalments are debited and government co-contribution is to be credited,” the Ministry of Finance had said.
“In case a subscriber is not yet having an Aadhaar card, he/she should immediately get him/her enrolled for the Aadhaar card.”
The ministry pointed out that PFRDA (Pension Fund Regulatory and Development Authority) has identified nearly 12.35 lakh subscribers eligible for the central government’s co-contribution for an amount up to Rs 1,000 for the financial year 2016-17 which will be released to the eligible subscribers’ savings bank accounts seeded with Aadhaar.
(With inputs from agencies)
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