The Union government has made submission of Adhaar card mandatory for opening new banks accounts and for operating transactions above Rs 50,000

New Delhi: The Union government has made submission of Adhaar card mandatory for opening new banks accounts and for operating transactions above Rs 50,000.

At the same time, the existing account holders will also have to submit their Adhaar number by December 31, 2017. In case this is not done, the account will become invalid.

The government move linking all bank accounts with Aadhaar number comes in the wake of the Supreme Court order partially striking down the government proposal to make Aadhaar mandatory for filing of tax returns.

The government has already made quoting Permanent Account Number (PAN) Adhaar as mandatory to prevent multiple use of PANs for tax evasion.

Now Adhaar number has to be quoted with the PAN or Form 60 by individual or company account holders for transactions of Rs 50,000 or above.