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Aadhaar­less bank a/cs to be invalid by year end

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NEWDELHI: Bank accounts that are not linked to Aadhaar will be frozen and no new accounts can be opened without the 12-digit biometric identity number after December 31, according to new government rules.

Aadhaar cards along with Permanent Account Numbers (PAN) or Form 60 for those outside the tax net will also be mandatory from now on for transactions above ~50,000. Those who don’t have the documents will have to prove they have applied for them.

The latest regulations, issued by the revenue department on June 1, come as amendments to rules related to the anti-money laundering law that the government is seeking to tighten to fight black money and terror funding.

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