Aadhaar made mandatory for AMC clients from January 2018

Andrew Cummings
December 13, 2017

Existing bank account holders were asked to furnish their Aadhaar number by December 31, failing which their account would cease to be operational.

The notification, which amends the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, says "submit the Aadhaar number and Permanent Account Number by 31st December, 2017", will be substituted with "submit the Aadhaar number, and Permanent Account Number or Form No. 60, by such date as may be notified by the Central Government".

The announcement comes a day ahead of the Supreme Court deciding to hear a bunch of petitions challenging Centre's move to make Aadhaar mandatory for government welfare schemes. Earlier this month, the Centre had told the court that it would extend its deadline for mandatory linking till March 31, next year. Sources said over 14 crore PANs have been linked with Aadhaar till now, which is about 41 per cent of total 33 crore cards issued by the Income Tax department. Form 60 is a declaration filed by an individual or a person (not being a company or firm) who does not have a PAN and who enters into any specified transaction. One of the counsel representing the petitioners had earlier said that final hearing on the main Aadhaar matter was necessary as the government "cannot compel" citizens to link their Aadhaar with either bank accounts or cell phone numbers.

"The deadline for linkage of Aadhaar with mobile phone number can not be modified by the government unilaterally (as it is fixed by the SC)", the Centre said. Certain regulations in the PMLA impose obligation on reporting entities like the financial institutions and banks.

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