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Soon, Aadhaar may be made mandatory for buying shares and mutual funds

New Delhi: Government and market regulator SEBI are planning to link Aadhaar to financial market transactions, as per a report in a financial daily.

The government may soon make it mandatory to quote Aadhaar details for buying shares and mutual funds.

The move is aimed at curbing “sharp practices such as conversion of black money into white through the stock market,” as per a report in the Economic TimesThe ET, quoting sources said that mandatory quoting of permanent account number (PAN) may not be enough to arrest uncrupulous transactions.

The government has made it mandatory to link existing Aadhaar numbers with PAN of taxpayers with effect from July 1.

Amending income tax rules and notifying the same, the government has made quoting of the 12-digit biometric Aadhaar or the enrolment ID a must at the time of application of permanent account number (PAN).

There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.

Source

Published On : 10-Aug-2017

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