Linking Aadhaar to bank account, last date December 31: Reserve Bank of India

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Mumbai/Maharashtra, October 21: The Reserve Bank of India made it clear that the Aadhaar linkage with bank accounts is mandatory.

Earlier in the 2017 budget itself, the Central Government had mandated the linkage of Aadhaar with PAN (Permanent Account Number) to prevent people from using more than one PAN to avoid paying tax.

The Reserve bank had issued a press release regarding this, discarding the media reports stating that linking Aadhaar and Bank account is not mandatory.

The press release by the Reserve Bank of India makes it clear that it is compulsory to link Aadhaar and the Bank Account.

The last date for linking Aadhaar with Bank account has been fixed to December 31.

A few days ago certain media reported that there is no such order from the Reserve bank that the Aadhaar number shall be compulsorily be linked to Bank account. They claimed that they got the information as a reply to an RTI submitted.

Reports said that a Website named Money life had got such a response from the Reserve Bank as a response to an RTI.

Linking Bank account was made mandatory during 2017 June according to a notification by the Central Government. The order also stated that it is compulsory to have Aadhaar and PAN in possession for attaining a bank account.

According to a statement by the central bank, ” The Reserve Bank states that the linkage of Aadhaar number to a bank account, in applicable cases, is mandatory.

This is made under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017. This amendment is published in the Official Gazette on June 1, 2017.

The Central Government had made Aadhaar mandatory for opening bank accounts and money transactions above Rs 50,000 in June 2107.

The citizens are asked to submit their Aadhaar number if they have a bank account. The Central Government had added in its order that if the existing bank account holders do not submit their Aadhaar number to the concerned bank, the transaction through the account would be stopped or suspended.