Government makes linking Aadhaar number mandatory with several investments

TomorrowMakers ™

Government makes linking Aadhaar number mandatory with several investments

15 October 2017
The Government has now made it compulsory for investors to link their Aadhaar details with several investments. Read on to know more.

In a recent Aadhaar card update, the government has now made it mandatory for individuals to link their 12-digit Aadhaar number with the following investments - post office deposits, PPF, National Saving Certificate (NSC) and Kisan Vikas Patra (KVP) by 31 December 2017.
The notification which was issued on 29 September 2017, says, "Provided that where Aadhaar number has not been assigned, the depositor shall submit proof of application for enrollment for Aadhaar.”

Related: Aadhar and PAN linking extended to December 31

What do investors need to do?
Depositors or investors are required to provide their 12-digit unique identification number to the bank or post office, to update their investment details. 

In addition to Aadhaar card, various other documents have also become mandatory recently, including bank account, mobile number, PAN, Voter ID Card, LPG Connection Card and Ration card.

 

Who does the new rule apply to?
Existing depositors, who have not submitted their Aadhaar details while opening such accounts are required to submit the same, on or before 31 December, 2017. However, this mandate does not apply to investors who have already provided their Aadhaar number at the time of application. 
Additionally, the Ministry of finance issued four separate Gazette notifications for the four different investment tools to validate this move.

Related: 6 Documents that must be linked with your Aadhaar card

What are the benefits?
Providing Aadhaar details has been made mandatory to ensure all governments subsidies and welfare programmes reach the people. Around 135 schemes will be covered including:

  • Free cooking gas to poor women
  • Kerosene and fertilizer subsidy
  • Public distribution system
  • Mahatma Gandhi National Rural Employment Guarantee Act

RelatedLocking your Aadhaar card biometrics can prevent misuse

It would also apply to Employee Pension Scheme of 1995, scholarships, housing subsidy benefit, a stipend to SC/ST trainees for coaching guidance and vocational training, a stipend to handicapped and Aam Aadmi Bima Yojana. 

The extension will also apply to national apprenticeship and skill development schemes, crop insurance schemes, interest subvention scheme, education programmes such as mid-day meal for children and Atal Pension Yojna.

 

Topic:
 
 

MOST VIEWED CONTENT

Simple ways in which you can diversify your financial portfolio

Simple ways in which you can diversify your financial portfolio

As an investor, diversification, when done sensibly, helps you balance out risk and optimize returns. Here are some useful tips on diversifying your financial portfolio across assets.

7 Government schemes to aid economic development and financial stability that you can benefit from

7 Government schemes to aid economic development and financial stability that you can benefit from

From financial inclusion to better health care, these government backed schemes are helping to improve the overall quality of life for society’s less fortunate population.

Short term investment options for high returns

Short term investment options for high returns

Looking to earn maximum returns in a quick and easy manner? Find out 6 investment option on how exactly you can do short term investment to get high returns.

6 Documents that must be linked with your Aadhaar card

6 Documents that must be linked with your Aadhaar card

There are several documents you need to link to your Aadhaar card. Here’s what you must know about them.

5 things you need to know about the NITI Aayog lottery

5 things you need to know about the NITI Aayog lottery

Still wondering if you should #GoCashless? This lottery scheme will help you decide.

Has your Aadhaar been deactivated? Here's what you have to do

Has your Aadhaar been deactivated? Here's what you have to do

Why has the government deactivated lakhs of Aadhaar and PAN cards? And what do you do if yours is amongst them.

What you need to know about linking your Aadhaar and PAN card?

What you need to know about linking your Aadhaar and PAN card?

Haven’t linked your Aadhaar and PAN cards yet? Don’t know who it is meant for, or if it is necessary? Maybe this can help.

boy

We would love to hear from you!

Question, comment or concern? Our contact form is the best way to get in touch. We will respond to you within 5 working days.

NEWSLETTER