The Reserve Bank of India has clarified that linking of Aadhaar to the bank account is mandatory under the Prevention of Money-Laundering (Maintenance of Records) Second Amendment Rules, 2017 published in the Official Gazette on 01st June 2017.
Must Do Takeaways from the Above News:
- Prevention of Money Laundering Act, 2002 is an Act to prevent money-laundering and to provide for confiscation of property derived from money-laundering.
- PMLA and the Rules notified there under came into force with effect from 01st July 2005.
- Aadhaar is a 12-digit unique identification number issued by the Indian government to every individual resident of India.
Source- The Hindu Business Line