Linking Aadhaar Number to Bank Accounts Mandatory: RBI
News

Linking Aadhaar Number to Bank Accounts Mandatory: RBI

October 22, 2017

Mumbai: The Reserve Bank of India (RBI) yesterday dismissed media reports that it was not necessary to link national identity card numbers (Aadhaar), to bank accounts. It said in a statement the requirement remained in force under anti-money laundering rules.

The RBI clarification followed media reports quoting a reply to a Right To Information (RTI) application that suggested the apex bank has not issued any order for mandatory Aadhaar linkage with bank accounts.

“The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 published in the Official Gazette on June 1, 2017,” the Central Bank said in a statement.

These rules have statutory force and, as such, banks have to implement them without awaiting further instructions, it said. The government in June had made Aadhaar mandatory for opening bank accounts as well as for any financial transaction of Rs. 50,000 and above.

Existing bank account holders have been asked to furnish the Aadhaar number issued by the Unique Identification Authority of India (UIDAI) by December 31, 2017, failing which the account will cease to be operational, the government notification had said.

There were reports in media quoting an RTI query in which RBI had said it “has not issued any instruction so far regarding mandatory linking of Aadhaar number with bank accounts“.

The government in Budget 2017 had already mandated seeding of Aadhaar number with Permanent Account Number (PAN) to avoid individuals using multiple PANs to evade taxes.

READ ALSO  Submit Aadhaar Consent Form

The notification issued amending the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, mandated quoting of Aadhaar along with PAN or Form 60 by individuals, companies and partnership firms for all financial transactions of Rs. 50,000 or above.

ABOUT

Mysuru’s favorite and largest circulated English evening daily has kept the citizens of Mysuru informed and entertained since 1978. Over the past 45 years, Star of Mysore has been the newspaper that Mysureans reach for every evening to know about the happenings in Mysuru city. The newspaper has feature rich articles and dedicated pages targeted at readers across the demographic spectrum of Mysuru city. With a readership of over 2,50,000 Star of Mysore has been the best connection between it’s readers and their leaders; between advertisers and customers; between Mysuru and Mysureans.

CONTACT

Academy News Papers Private Limited, Publishers, Star of Mysore & Mysuru Mithra, 15-C, Industrial ‘A’ Layout, Bannimantap, Mysuru-570015. Phone no. – 0821 249 6520

To advertise on Star of Mysore, email us at

Online Edition: [email protected]
Print Editon: [email protected]
For News/Press Release: [email protected]