Your Bank
A/Cs won’t operate without your Aadhaar and PAN Card Details.
As it was announced earlier this year, banks have
made it mandatory as per the laws of Indian Legislature, for bank holders to link their PAN and
Unique ID (Aadhaar Card) details with their respected banks.

Now another
announcement has been made, which demands all citizens with a bank account or
while making any transaction above Rs 50,000 to share their Aadhaar as well as
PAN card details with the bank.
Existing bank account holders are also requested to
provide their Aadhaar details to the bank by 31st December 2017; else their
accounts will become inoperable. Anything above the transaction threshold of Rs
50,000, be it investments in fixed deposits, mutual funds or any other
insurance policies will require the applicants or bank holders to submit their
PAN and Aadhaar details. This is also applicable for users who make multiple
transactions which add on to or above Rs 50,000. This will allow the government
to fight against corruption and help them in curbing unaccounted income by
connecting user’s details with PAN information.
These amendments have been passed by the government
as a preventive measure to keep an eye on holder’s transactions. These money
laundering rules will be made mandatory from 1st June, so better share your PAN
and Aadhaar Card with your bank. These rules tighten provisions for people with
small accounts like holders under the Pradhan Mantri Jan Dhan Yojana, who have
less stringent KYC (Know Your Customer) rules.
Rules
for Corporate Sector
Corporates will have to follow a series of
continuation measures that are set by the government, which yearns to fight the
corruption following Prime Minister's tactics like demonetization and Benami
Law to unveil the black money in the country. The new law has already been
implemented by the government that discourages or rather prevents individuals
from using multiple tax IDs or PAN cards.
Government requests every citizen in the country
with a bank account to share their PAN and Aadhaar details with the bank before
31st December.
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