RBI clarifies why linking of Aadhaar with Bank Account is Mandatory

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.

The clarification comes after a section of the media reported while quoting a reply to a Right to Information Act application that linking of bank accounts with Aadhaar is not mandatory.

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

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