Aadhaar Mandatory for Opening Bank Account and for doing transaction above Rs.50,000/-

Government has made Aadhaar mandatory for opening bank accounts and also all existing bank accounts should also be linked to respective Aadhaar Number.

Failing to link Aadhaar Number with Bank Account will make the bank account invalid and uncooperative. Including opening new bank accounts Government has also announced that Aadhaar Number will be mandatory to quote if you initiate high value transactions of Rs.50,000/- and above. So without Aadhaar Number you will not be allowed to carry any transactions which exceeds Rs.50,000/- or above.

Before in Budget 2017 the government of India had also made seeding Aadhaar Number with PAN mandatory, to avoid individual using multiple PAN to evade taxes. Linking Aadhaar Number with Bank Account is not the alone step taken by government but several weeks ago government has also passed order to telecom operators in the country to re-verify all subscribers with Aadhaar Number. And if any phone number is not re-verified and linked to Aadhaar by Feb 2018 it would get deactivated.

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