Aadhar mandatory for opening bank account and high value transactions
A notification by the Revenue Department has also asked the existing bank account holders to furnish their Aadhaar number by December 31 this year, failing which their accounts will cease to exist.
In the 2017 budget the Government had mandated seeding of Aadhaar number with Permanent Account Number to avoid individuals using multiple PANs to evade taxes.
The notification mandated quoting of Aadhaar along with PAN or Form 60 by individuals, companies and partnership firms for all financial transactions of Rs 50,000 or above.
Earlier this month, Supreme Court had put a partial stay on Section 139AA of IT Act, which allows mandatory linkage of Aadhaar for filing income tax returns (ITR) and allotment of PAN .
The apex court said the Government could not force people to get Aadhaar until the main issue over privacy is decided. However, it added that those who already possess the unique ID will have to link it with PAN.
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