The government has made citing of biometric identity number Aadhaar obligatory for opening of accounts and in addition for any monetary exchange of Rs 50,000 or more.
Aadhar Card Mandatory For Opening Bank Account and Transaction Over 50,000: GOVT
The government in Budget 2017 has as of now commanded seeding of Aadhaar number with Permanent Account Number to stay away from people utilizing numerous PANs to sidestep charges. The notification issued revising the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, ordered citing of Aadhaar alongside PAN or Form 60 by people, organizations and association firms for every monetary exchange of Rs 50,000 or above.
The government move to connection all financial balances with Aadhaar number comes days after the Supreme Court somewhat struck down the government proposition to make Aadhaar compulsory for recording of expense forms. While the government needed all citizens to cite Aadhaar number, the court said that exclusive the people who have the Aadhaar could be constrained to do as such. The people who don’t have Aadhaar number can record the assessment without it after July 1 and their PAN card won’t be refuted, noticed the court. In any case, the most recent move from the government guarantees that all citizens, independent of the Supreme Court order, should cite Aadhaar number while recording the government forms.
To make strict rules for small account, which can be opened without having formally substantial KYC archives, the revision said such records – which can have most extreme store of Rs 50,000, can be opened just at bank offices which have core banking solutions.
The small accounts might be checked and when there is a doubt of tax evasion or financing of terrorism or other high hazard situations, the character of claim should be built up through the creation of official documents,” it said. The revision makes it compulsory for people, organizations and association firms to cite Aadhaar alongside PAN or Form 60 for every monetary exchange of Rs 50,000 or above with impact from June 1.
Post June 1 if a man does not have an Aadhaar number at the season of opening a record, at that point he needs to outfit verification of use of enrolment for Aadhaar and present the Aadhaar number to the bank inside six months of opening of the ledger. The PMLA and guidelines force commitment on revealing elements like banks, money related organizations and intermediaries to confirm identify of customers, keep up records and outfit data to Financial Intelligence Unit of India (FIU-IND).
According to Rule 9, each revealing substance should at the season of initiation of a record based relationship, recognize its customers, check their identity and get data on the reason and proposed nature of the business relationship.