Finance Ministry makes Aadhaar mandatory for small saving schemes

 

The government has made biometric identification Aadhaar mandatory for all post office deposits, PPF, the National Savings Certificate scheme and Kisan Vikas Patra. Existing depositors have been given time till December 31, 2017 to provide the 12-digit unique identification number.

Ministry of Finance has issued four separate Gazette notifications making Aadhaar mandatory for opening all post office deposit accounts, Public Provident Fund (PPF), National Savings Certificate scheme and Kisan Vikas Patra deposits.

The move is the latest by the government in a series of measures to crack down on tax evaders and black money. Earlier, the Finance Ministry had also made it mandatory to link Aadhaar with Permanent Account Number and bank accounts and also quote it in income tax returns. The deadline for seeding PAN and bank accounts with Aadhaar has also been set as December 31.