New Delhi, June 16: The Aadhaar card has been made mandatory for opening bank accounts and carrying out any financial transaction above Rs 50,000. "In case the client fails to submit the Aadhaar number and Permanent Account Number within the six months period, the said account shall cease to be operational till the time the Aadhaar number and Permanent Account Number is submitted by the client," the notification said. In its original form, the Aadhaar card was meant to ensure targeted delivery of financial and other subsidies and benefits to citizens that were paid out of the Consolidated Fund of India. The new rule could stretch this absurdity further by requiring the production of an Aadhaar number to legitimise cheque payments above Rs 50,000. The Aadhaar number will be needed to validate these transactions.

Source: The Telegraph June 16, 2017 21:11 UTC