The Indian Union Government has made Aadhaar Card is the mandatory document for Opening Bank Account and financial transactions of Rs 50,000 and above.
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From now Banks will ask all account holders to submit their UID number and details to their bank branches by December 31st, 2017. Revenue Department notification says that, if any account holders fail to submit their Aadhaar details by 31st December 2017 the banks will invalidate their account. In 2017 budget the Indian government had made mandatory for linking Permanent Account Number (PAN) with Aadhaar Number to eradicate multiple PANs which is using individuals evade taxes.
Indian government clarified that Aadhaar Card or Number will be required to avail of the central co-contribution benefit under the Atal Pension Yojna (APY) scheme.
The Ministry of Finance said “An APY subscriber has to submit the Aadhaar number to their APY pension account and also their savings account where the periodic pension contribution instalments are debited and government co-contribution is to be credited,”
In case if anyone not yet having an Aadhaar card, they should immediately get enrolled for the Aadhaar card in the nearest centre.
The ministry pointed out that PFRDA (Pension Fund Regulatory and Development Authority) has identified nearly 12.35 lakh subscribers eligible for the central government’s co-contribution for an amount up to Rs 1,000 for the financial year 2016-17 which will be released to the eligible subscriber’s savings bank accounts linked with Aadhaar.