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Aadhar verification may be compulsory, on transaction of more than 20 lakh in bank accounts

July 23, 2019
Aadhar verification may be compulsory, on transaction of more than 20 lakh in bank accounts

In order to reduce the flow of cash in the economy and promote digital payments, the government of India may soon make the Aadhar (UIDAI) verification mandatory on deposits and withdrawals of more than a particular amount in the banks.

According to the general report, the government of India can give the option of bio metric tool or one-time password (OTP) for Aadhar verification. May be 20 to 25 million limit According to the report, in order to make the Aadhar verification compulsory, there is a proposal to fix a demarcation limit, but it can be between 20 to 25 lakh rupees. Government authority say that the purpose of this step is to find out who are the big transients who make any difficulties for small transactions.

Now it is mandatory to give PAN number for big transactions, but once the limit is fixed, the verification of the basis along with the PAN number will also be done. According to the provisions of the Finance Bill, in the future, it can also be made mandatory for purchase of foreign currency more than the fixed limit.

Property verification will also be required in base verification According to the report, in addition to cash deposits, the base verification can be made mandatory in the property transactions more than a certain value. Sources say that many depositors now use fake PAN numbers.

This does not track their transactions. Aadhar verification can be made mandatory to deal with this problem. Sources say this process will help in preventing fraud.

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