Aadhaar to be mandatory for new bank accounts
What's the story
The Center has declared that Aadhaar card will be mandatory for opening new bank accounts and for transactions above Rs. 50,000. All existing account holders will also have to submit their Aadhaar details by December 31, 2017, failing which accounts will be deemed invalid. This comes after the SC put on stay the mandatory linking of Aadhaar with PAN for filing tax returns.
11 Jun 2017
Aadhaar mandatory for tax returns from July, announces govt
On 11th June, the government announced that Aadhaar will be a "must" for filing I-T returns from July 1. This comes a day after SC temporarily stayed a law which mandates Aadhaar-PAN linking for tax returns. The government announced the SC order was a "partial relief" to those who do not have an Aadhaar number, and the I-T department won't yet "cancel" such PANs.
Details
SC upholds Aadhaar clause in IT Act, but restricts application
According to the government's rules, people who file income tax returns without linking Aadhaar with PAN will have their accounts invalidated. Though the SC put the order on stay till it passes its final verdict, it upheld the provision in the I-T Act mandating Aadhaar-PAN linking. However, it also held that the order won't be applicable to those who don't have an Aadhaar card.
Information
Exemptions to mandatory Aadhaar
On May 12, the Centre passed a notification exempting residents of Assam, Meghalaya and J&K, where registrations haven't even begun properly, from mandatory linking of Aadhaar with PAN for filing tax returns. Non-resident Indians and citizens above 80 years of age are also exempted.