Aadhaar mandatory for opening bank accounts, transactions over ₹50,000

The government, through a notification amending a prevention of money laundering law, has made it mandatory to provide Aadhaar to open a bank account and to conduct a transaction of Rs 50,000 or more.
The notification amending the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, although dated June 1, was not gazetted till Friday. It says that that individuals who are eligible to be enrolled for an Aadhaar number need to provide that number and the Permanent Account Number (PAN) to open a bank account or conduct any transaction “of an amount equal to or exceeding rupees fifty thousand, whether conducted as a single transaction or several transactions that appear to be connected, or any international money transfer operations”.
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