New Delhi: Aadhaar has become more important now. The Central government has made Aadhaar mandatory for opening a bank account. Also, for all transactions of Rs 50,000 and above Aadhaar will have to be quoted now. Existing account holders will have to submit Aadhaar to banks by December 31, 2017, failing which their accounts will become invalid.
The move comes a week after the Supreme Court allowed the Centre to go ahead with the newly-inserted provision in the Income Tax Act mandating linking of Aadhaar number with Permanent Account Number. The government decided to link Aadhaar and PAN to eliminate fraudulent practices such as multiple PANs held by individuals.