Aadhaar mandatory for opening bank A/c

Aadhar-Card-3

The central government has made it a must to quote the Aadhaar for opening bank account and financial transactions of Rs 50,000 and above in a bid to curb black money.

All existing account holders have also been asked to submit Aadhaar to banks by December 31, 2017, failing which accounts will become invalid.

Income Tax department has also warned people against indulging in cash transaction of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Read More – Business Updates

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