AAdhar is mandatory opening bank account as well as any financial transaction of Rs 50,000 and above

 Aadhar mandatory for opening bank account and financial transactions
The government has made mandatory to submit Aadhaar number for the opening of bank accounts as well as for any financial transaction of Rs 50,000 and above.

The 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 notification is 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.

Tightening the rules for small accounts, which can be opened without having officially valid KYC documents, the amendment said such accounts - which can have a maximum deposit of Rs 50,000, can be opened only at bank branches which have the core banking solution.

As per amended PMLA rules, it can also be opened at a branch where it is possible to manually monitor and ensure that foreign remittances are not credited to such accounts and stipulated limits on the monthly and annual aggregate of transactions and balance are not breached