October 24, 2017

Government stamps on money laundering through multiple accounts

The Government of India in its drive against “money laundering and tax evasion through multiple bank accounts,” has now, made it mandatory for one and all to link their Aadhaar card numbers with their bank accounts while at the same time making it mandatory for production of the Aadhaar card for any transactions above the limit of Rs 50,000. They have also advised those who do not have Aadhaar cards, to ensure getting the same by the 31st December 2017 and linking them to their accounts, failing which the account would cease to be operational. The notification amending the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, mandates quoting of the Aadhaar number along with PAN or Form 60 by individuals, companies and partnership firms for all financial transactions of Rs 50,000 or above. The Union Budget for 2017 had already put in place mandatory linking of Aadhaar number with Permanent Account Number (PAN) to avoid individuals using multiple PANs to evade taxes.

About The Author

Senior editor with Himsamachar

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *