Aadhaar will be mandatory for bank accounts,link it by 31 dec or lose access to banking

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  Aadhaar will be mandatory for bank accounts,link it by 31 dec or lose access to banking

Government has made Aadhaar mandatory for opening new accounts.it has noted that all existing bank accounts will have to be linked with Aadhaar number by December 31,2017 or else they will be declared invalid.

More significantly,not only Aadhaar has been mandatory for opening new accounts but also for carrying out high-value transactions.the government has said that transactions worth Rs 50,000 or more will now require Aadhaar number.

This is similar to how PAN number was required for high-value transactions.But now instead of PAN,consumers will have to quote Aadhaar number in the end of the year,it is not clear since when quoting Aadhaar for transactions will become mandatory.

The government move to link all bank accounts with Aadhaar number comes days after the supreme court partially struck down the government proposal to make Aadhaar mandatory for filing of tax returns.

While the government wanted all tax payers to quote Aadhaar number,the court said that only those who have the Aadhaar could be compelled to do so.

Those who do not have Aadhaar number can file the tax without it after July 1 and their PAN card will not be invalidated,noted the court.

However,the latest move from the government ensures that all tax payers,irrespective of the supreme court directive,will have to quote Aadhaar number while filing the tax returns.

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