Aadhaar mandatory for opening bank A/c, transaction over Rs50K

Agencies
June 16, 2017

New Delhi, Jun 16: The government has made quoting of biometric identity number Aadhaar mandatory for opening of bank accounts as well as for any financial transaction of Rs 50,000 and above.

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Existing bank account holders have been asked to furnish the Aadhaar number issued by the Unique Identification Authority of India (UIDAI) by December 31, 2017, failing which the account will cease to be operational, according to a revenue department notification.

The government in Budget 2017 has already mandated seeding of Aadhaar number with Permanent Account Number to avoid individuals using multiple PANs to evade taxes.

The notification issued amending the Prevention of Money- laundering (Maintenance of Records) Rules, 2005, mandated quoting of Aadhaar along with PAN or Form 60 by individuals, companies and partnership firms for all financial transactions of Rs 50,000 or above.

Tightening the rules for small accounts, which can be opened without having officially valid KYC documents, the amendment said such accounts - which can have maximum deposit of Rs 50,000, can be opened only at bank branches which have core banking solution.

It can also be opened at a branch where it is possible to manually monitor and ensure that foreign remittance are not credited to such account and stipulated limits on monthly and annual aggregate of transactions and balance are not breached, the amended PMLA rules said.

Such small account shall remain operational initially for a period of 12 months and thereafter for a similar period if the account holder provides evidence that he or she has applied for officially valid identification documents.

"The small account shall be monitored and when there is a suspicion of money laundering or financing of terrorism or other high risk scenarios, the identity of claim shall be established through the production of official valid documents," it said.

The amendment makes it mandatory for individuals, companies and partnership firms to quote Aadhaar along with PAN or Form 60 for all financial transactions of Rs 50,000 or above with effect from June 1.

Post June 1 if a person does not have an Aadhaar number at the time of opening of account, then he has to furnish proof of application of enrolment for Aadhaar and submit the Aadhaar number to the bank within six months of opening of the bank account.

"In case the client, eligible to be enrolled for Aadhaar and obtain a PAN... does not submit the Aadhaar number or the PAN at the time of commencement of an account based relationship with a reporting entity, the client shall submit the same within a period of 6 months from the date of the commencement of the account based relationship.

"Provided that the clients... already having an account based relationship with reporting entities prior to date of this notification, the client shall submit the Aadhaar number and PAN by December 31, 2017," the notification said.

So far, as per the PMLA Rules it is mandatory to provide PAN number or Form 60 to banks while opening of accounts or for high value transactions.

For companies opening bank accounts, Aadhaar number of managers, or employees holding an attorney to transact on the company's behalf will have to be provided.

Commenting on the development, Nangia & Co Managing Partner Rakesh Nangia said: "With the amendment, obtaining Aadhaar and PAN have gained paramount importance, since the banks are now required to report Aadhaar and PAN in respect of each of its clients' at the time of account opening and in case of existing accounts at the time of making transactions worth Rs 50,000 or more".

The Prevention of Money Laundering Act (PMLA) forms the core of the legal framework put in place by India to combat money laundering and generation of black money.

The PMLA and rules impose obligation on reporting entities like banks, financial institutions and intermediaries to verify identity of clients, maintain records and furnish information to Financial Intelligence Unit of India (FIU-IND).

As per Rule 9, every reporting entity shall at the time of commencement of an account-based relationship, identify its clients, verify their identity and obtain information on the purpose and intended nature of the business relationship.

In all other cases, identity should be verified while carrying out transaction of an amount equal to or exceeding Rs 50,000, and in any international money transfer operation.

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News Network
May 8,2024

Mangaluru: The Mangaluru North police have apprehended a minor in connection with alleged voyeurism incident reported in a private medical college in Mangaluru. 

DCP (Law and order) Sidharth Goyal said that the minor was produced before JJ Board as per due procedure. The incident came to light when a mobile phone was found in women's washroom in the college. 

The mobile-phone was discovered as it was ringing even when no one was in the toilet by the security guard of the college. 

Investigations revealed that the mobile phone had been strategically placed in the restroom. As a result, a case has been registered under north police station.

Further scrutiny into the matter uncovered the identity of the accused, a minor male aged 17, who had gained access to the college premises under the guise of being a patient. Following his apprehension, the accused was presented before the Juvenile Justice (JJ) Board in adherence to legal protocols.

The phone has been seized and a case has been booked under IPC section 354 (C), said the DCP.

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News Network
May 3,2024

Bengaluru: In a fresh development in the alleged Hassan sex abuse case, JD(S) MLA H D Revanna, who was accused of sexually harassing his house help, has been booked for kidnapping a victim allegedly sexually assaulted by his son, Hassan MP Prajwal Revanna. The case was filed late Thursday evening at the KR Nagar police station in Mysuru.

The 20-year-old complainant from KR Nagara accused one Sathish Babanna of taking his mother away forcibly and keeping her in an unknown location at the behest of Revanna.

As per the FIR, Revanna has been named as accused 1 while Babanna was accused 2. The duo were booked under IPC Sections 364A (kidnapping for ransom), 365 (kidnapping or abducting with intent secretly and wrongfully to confine a person) and 34 (acts done by several persons in furtherance of common intention).

The complainant claimed that his mother, whose name and age were not revealed, had worked as a help in Revanna’s house and farm in Holenarasipura for six years, quit the job three years ago and returned to KR Nagara. She then worked for daily wages.

“Nearly three to four days before the Lok Sabha election, Sathish Babanna, who is known to us and hailed from our native place, took my mother to Holenarasipura after saying that Bhavani Revanna, the wife of MLA Revanna, had asked for her,” the complainant alleged, adding that Babanna dropped her back on the day of the polls.

Babanna allegedly told the victim’s mother and father to remain silent and evade the police if they came looking for them and to inform him of the developments.

On April 29, at around 9 pm, when the complainant was home, the suspect Babanna arrived, told the complainant’s mother that Revanna had asked for her and took her away on his motorcycle. The complainant claimed that he wasn’t aware of where Babanna took his mother and he had told him that if the police found her, a case would be registered and they would all go to jail.

On May 1, two of the complainant’s relatives called him on the phone and told him that there was a video of his mother being sexually assaulted by Prajwal and that it was a huge case, the FIR noted. He was also informed by his two friends of his "mother's videos being circulated".

When he asked Babanna later that night, he was allegedly told that there was a photo of his mother standing with a stick when Prajwal had quarrelled with someone earlier and an FIR had been registered. Babanna told the complainant that his mother would have to be released on bail, the FIR noted.

“Babanna told me not to speak on the matter on my phone and asked me to talk from a different phone,” he said, seeking action from the police.

The case has been transferred to the Special Investigation Team (SIT) set up to probe the Hassan sex scandal as per the government order.

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News Network
May 4,2024

Mangaluru: Dakshina Kannada Deputy Commissioner (DC) Mullai Muhilan MP said that election for the South West Teachers and Graduates constituencies will be held on June 3.

The notification for the same will be issued on May 9. The last date for filing nominations is May 16. The nominations must be submitted to Regional Commissioner in Mysuru and the last date for withdrawal of nomination is May 17.

The counting of votes will be held on June 6.

As of December 30, 2023 there are 6753 voters in DK district in the South West Teachers Constituency out of which 4520 are women. On the other hand, there are 16,869 graduate voters in the district for the South West graduates constituency.

The voters can submit their application for enrollment in electoral list of the South West Teachers and graduates constituency till May 6. The applications can be submitted at Mangaluru City Corporation or all the taluk offices.

Bulk applications can be submitted by Bar Association, Doctors association, Chartered Accountants Association, registered engineers association for the graduates constituency.

Those who are graduates prior to November 11, 2020 can enroll for voters list in the graduates constituency  by submitting Form 18 along with photo copy of marks card, Aadhaar card, voters' identity card and residential address.

For getting oneself enrolled in the teachers constituency voters, an individual should be teaching for minimum three years prior to November 1, 2023 in high school or higher educational institutions.

For the teachers constituency, educational institutions can submit applications in bulk. If wrong details are furnished in these applications, then they will be punishable under Section 31 of Representation of People Act, warned the DC.

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