Aadhar Is Needed To Open Account In Bank And Transaction Above 50 Thousand Rupees As Per Government Order
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Government Has Made Necessary Aadhaar Card For Opening Account In Any Bank
Now as per decision it has been mandatory to have aadhaar card while going to open a bank account in any bank or any branch. It has been made mandatory document. Without it no one is able to open a new banking account.
From now on, aadhaar is required for any kind of transaction in bank which goes above than fifty thousand. Without having aadhaar number you cannot able to complete your transaction above 50 thousands. And the users who are having account in bank and still not linked their aadhaar with bank account, they also have to do it or submit your aadhaar number with bank till 31st December 2017.
Who will fail to do so, whose account is declared as invalid. Revenue Department has released this notification and gives respective information about it.
Government Decision On Aadhaar Card
Government has made this compulsory because people used to made various pan card to avoid pay tax. Now to stop those people who don’t used to pay tax, government has made aadhar card necessary while filing income tax return in 2017 budget. By making amendment in black money restraining law 2005 that any person, company, partnership firm cannot make transaction of 50 thousand without providing PAN card, form 60, or along with that aadhaar card.
Government Aadhaar Card Law
So it has made very clear from central government side that you have to compulsory link your aadhar card with bank account if want to more transaction from your account like above fifty or more than that.
Effect On Small Bank Account Holders
By making amendment in law, while opening the small account, also the laws has been made harder. The instruction with this respect has been provided that the accounts which are opened without providing proper KYC documents can maintain maximum account balance of 50 thousand.
And these accounts can only be opened in those banks where banks do not have the facility of core banking solution (CBS). These accounts can be considered as valid for first year time period then after account customer have to provide the valid proof that he have applied for official identity card. If he fail to do so then his account can be cancelled or may be considered as dead.
Link Aadhaar To Bank Account
So from overall discussion it has been concluded that all we have to link our bank account with aadhar card till 31st December or our bank accounts can be declared as invalid. Or also don’t forget to carry your aadhar card to bank while making larger transaction which will cross fifty thousand limits.