Published On: Fri, Jun 16th, 2017

Link Bank Account With Aadhaar Before Dec 31 To Avoid Invalidity

Aadhaar card has become mandatory in banking sector. Earlier it was needed to open a new bank account and now new circular says existing bank accounts too need to be linked, and before December 31, 2017. In case of failure to do so, the accounts will be declared invalid.

The circular added the Aadhaar number is mandatory even if the account is KYCed.

Apart from linking to bank accounts, Aadhaar has also been made mandatory for high-value transactions, which is worth Rs 50,000 or more.

Link Bank Account With Aadhaar Before Dec 31 To Avoid Invalidity

Prior to the new circular producing of PAN card number was required for transactions of Rs 50,000 or more.

The deadline for linking Aadhaar with bank accounts is December 31, but it is not very clearly mentioned from when the Aadhaar number will be made mandatory for transactions of Rs 50,000 or more.

Meanwhile, the government has also made Aadhaar mandatory in filing of tax returns, but the Supreme Court has said only those people need to produce the card number who have it and others should not be compelled to.

The telecom authorities too have been ordered to re-verify all their users with Aadhaar card number. If any number fails to be re-verified with Aadhaar, the number can be deactivated after February 2018.

Note: It is highly suggested to get your Aadhaar card to the soonest as its number will be made mandatory to everything in near future.

About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade.

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