Retro rule for Rs 50k transactions: Link PAN with Aadhaar to avoid problems

Govt's June 16 notification on bank transactions of over Rs 50,000 starting June 1 has confused many

Priya Nair 

The government’s decision to make Aadhaar, the 16-digit biometric identity, mandatory for banking transactions above Rs 50,000 is likely to confuse consumers. The notification, which is supposed to be implemented from June 1, was issued on June 16. Clearly, there would be many who would have made transactions before that for multiple reasons. For example, the Rs 50,000 threshold for transactions could have been used to invest in mutual funds, open a fixed deposit or buy an insurance policy.  But it’s not just the consumer who is confused with the latest guidelines. ...

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Retro rule for Rs 50k transactions: Link PAN with Aadhaar to avoid problems

Govt's June 16 notification on bank transactions of over Rs 50,000 starting June 1 has confused many

Govt's June 16 notification on bank transactions of over Rs 50,000 starting June 1 has confused many The government’s decision to make Aadhaar, the 16-digit biometric identity, mandatory for banking transactions above Rs 50,000 is likely to confuse consumers. The notification, which is supposed to be implemented from June 1, was issued on June 16. Clearly, there would be many who would have made transactions before that for multiple reasons. For example, the Rs 50,000 threshold for transactions could have been used to invest in mutual funds, open a fixed deposit or buy an insurance policy.  But it’s not just the consumer who is confused with the latest guidelines. ... image
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