Wednesday, 22 November, 2017

Linking Aadhaar to bank account, last date December 31

The RBI on Saturday said linking of Aadhaar with bank accounts is mandated under the Prevention of Money-laundering Second Amendment Rules 2017 Report: RBI Says Linking of Aadhar Card with Bank Account is Not Mandatory
Heather Davidson | 22 October, 2017, 02:26

The Reserve Bank of India (RBI) "has not issued any instruction so far regarding mandatory liking of Aadhaar number with bank accounts, even as banks continue to remind customers of the December deadline for linking Aadhaar with their bank accounts, reveals an RTI reply".

The last date for linking Aadhaar with Bank account has been fixed to December 31.

Sen's petition, filed through advocate Vipin Nair, said the government's decision to link Aadhaar with bank accounts by amending rules under PMLA violate the solemn promise given by the authorities that parting of biometrics by individuals was on a voluntary basis.

According to a statement by the central bank, " The Reserve Bank states that the linkage of Aadhaar number to a bank account, in applicable cases, is mandatory.

The government had also made Aadhaar mandatory for opening bank accounts as well as for any financial transaction of Rs 50,000 and above.

Meanwhile, the RBI said that the anti-money laundering rules have to be implemented by the banks without any further delay.

"The RBI, as the banking regulator, should be asking customers to link their accounts with Aadhaar".

While the matter still lies with the Supreme Court on whether the linking of Aadhaar with bank accounts borders on trampling privacy rights for citizens banks have been incessant in messaging customers.

Another organisation All India Bank Employees Association (AIBEA) has also registered their protest against instructions given by some of the banks to designate certain branches as special cells for enrolment of Aadhaar. Hence, bank accounts not linked to Aadhaar will cease to become operational. "Though the RTI reply says the RBI did not issue any such circular or notification, it issued has guidelines", he said.

Finance Minister Arun Jaitley, in Budget 2017, had mandated seeding of Aadhaar number with Permanent Account Number (PAN) to avoid individuals using multiple PANs to evade taxes.

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