Following recent announcement of Government of India making it complusory to update Aadhar Number for all the Bank accounts and financial transations > 50,000.
Does it also apply to mandatory provide Aadhar Number for all the Cash purchase, Sale of goods or Service whose value is greater than 50,000 /-.
Please clarify......
Yes, if your transaction is a financial transaction then it comes under the purview of the amendment in Prevention of Money Laundering Rules. Please refer to the article https://www.business-standard.com/article/economy-policy/now-aadhaar-must-for-opening-bank-acc-transaction-of-rs-50-000-or-above-117061600639_1.H T M L
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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