Friday , September 30 2022

No bank account of any customer made in-operational due to non-submission of Aadhaar number as on date: Arun Jaitley

The Finance Minister Arun Jaitley has said that no bank account of any customer has been made in-operational due to non-submission of Aadhaar number as on date.This was disclosed by Finance Minister Arun Jaitley in a written reply in Lok Sabha today during the question hour. He has said that there is no need of furnishing Aadhaar cards along with Permanent Account Number (PAN) for transactions above 50,000 rupees.
He has clarified that Income-tax Rules provide for quoting of PAN or furnishing of Form No.60 in respect of transactions of specified nature in which the volume of the transaction exceeds Rs 50,000 in a day. Mr. Jaitley has informed that the Savings Bank Accounts seeded with Aadhaar number in Public Sector Banks as on 7.7.2017 stands at 5259.91 lakh.
The Minister informed that amendments have been effected to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 to provide that account holders eligible to be enrolled for Aadhaar, who already have an account prior to 1.6.2017, shall submit their Aadhaar number by 31.12.2017, failing which the account shall cease to be operational till the time the Aadhaar number is submitted.

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