Linking Aadhaar with Bank Accounts

Linking Aadhaar with Bank Accounts

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA
UNSTARRED QUESTION NO: 1347
ANSWERED ON: 22.12.2017

Linking Aadhaar with Bank Accounts

THOKCHOM MEINYA

Will the Minister of FINANCE be pleased to state:-

(a) whether it is mandatory to link Aadhaar with bank accounts;
(b) if so, the details thereof;
(c) the last date declared by the Government for linking Aadhaar with the bank accounts;
(d) whether the non-compliance to this provision may lead to the freezing of the bank accounts; and
(e) if so, the details thereof?

ANSWER

The Minister of State in the Ministry of Finance

(a) to (e) As per notifications dated 1.6.2017 and 13.12.2017 by Department of Revenue, 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, shall submit their Aadhaar number to banks by 31.3.2018 or six months from the date of commencement of account-based relationship by the account-holder, whichever is later, failing which the account shall cease to be operational till the time the Aadhaar number is submitted. It further provides that an individual eligible to be enrolled for an Aadhaar number shall, at the time of commencement of an account based relationship, submit the Aadhaar number and, where Aadhaar number has not been assigned, furnish proof of enrolment for Aadhaar.