Personal Finance

Linking of Aadhaar Card with Financial Services Now More Secure and Simpler

Linking of Aadhar Card with Financial Services Now More Secure and Simpler

We all know Aadhaar Card has become a mandatory document to obtain the government subsidies, to beat the passport blues, to open the bank accounts, to get the pension fund, to obtain provident fund hassle free, and a lot more. This document has slowly and steadily become a valid identity proof. And, now, the Supreme Court has made it mandatory to link your Aadhaar card to PAN card (irrespective of the fact whether you file income tax returns or not), bank, mobile number.

Reason why government plans to link Aadhaar card with PAN Card

Cracking the whip on the use of multiple PAN cards, the Finance Act 2017-18 had made it mandatory to link Aadhaar Card with a PAN card. By linking Aadhaar with age old PAN number, the government can easily keep a tab on the tax evasion that is surfing crore of rupees.  Though the Supreme Court announced that people, who don’t have Aadhaar Card or don’t wish to obtain the same, need not worry because their PAN card won’t stand cancelled, but if you have them both it needs to be interlinked.  The deadline for obtaining the same would be August 31.

Linking of Aadhaar Card with Bank Accounts

Finance Minister Arun Jaitley seems to have partnered with Narendra Modi’s digital drive. To execute the same, he has made mandatory to link the bank account with Aadhaar card. According to the new rules flouted by the government of India, all the existing bank account holders have to link their Aadhaar Card by December 31, 2017. The banks are offering several options to seed their account with Aadhaar and one among them is to upload the details through the SMS. Also, it is mandatory for opening school kids scholarship accounts.

Even the stock market is not unfazed by this momentum.

bank account with aadhaar

Source Digital India Twitter

Should you worry about Aadhaar card being linked everywhere?

After the recent spate of events, wherein the personal data of several millions of people have been leaked by the government portals, the common cause of concern is what will happen next. To abate this situation, the government has announced another feature where you can protect the data by locking the same. The process is simple and once locked, the data will get temporarily unlocked for 10 minutes and then it will automatically get locked. Here’s a URL to do the same .

Thus, it seems government is in a mood of laxity. So, tighten your seatbelt and ask for Aam Aadmi ka Aadhikar.

1 Comment

1 Comment

  1. Pingback: What if You Do Not Link Your Aadhaar with PAN by 31st August?

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