Skip to main content

Posts

Showing posts with the label What happens if you do not link your bank account with Aadhaar by December 31

What happens if you do not link your bank account with Aadhaar by December 31

Before the December 31 deadline, no bank can make your account un-operational due to non-compliance with the Aadhaar linking requirement. The government has set a deadline for banks to link customers' accounts to their Aadhaars by December 31, 2017, and those accounts where this is not done before this date will 'cease to be operational'. Undoubtedly, before the December 31 deadline, no bank can make your account un-operational due to non-compliance with the  Aadhaar linking  requirement.  The  Ministry of Finance  amended the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 through a notification dated June 1, 2017. As per the amended rules, new bank accounts opened post the above-stated notification will have to be linked with Aadhaar at the time of opening the account or within 6 months from the date of opening the bank account. Further, existing bank accounts are have to be linked with Aadhaar by December 31, 2017.  Elaborating the...