‘Aadhaar can be used for cash transactions over Rs 50,000’

Representational Image

NEW DELHI: India’s national biometric ID Aadhaar can now be quoted for cash transactions of more than Rs. 50,000 and all other purposes where traditionally income tax PAN number was a must, according to a top official.
Banks and other institutions will make backend upgrades to allow acceptance of Aadhaar in all places where quoting PAN is now mandatory, Revenue Secretary Ajay Bhushan Pandey said on Saturday.
This follows the Budget allowing interchangeability of PAN and Aadhaar for ease of compliance of taxpayers.
“Today you have 22 crore PAN cards which are linked to Aadhaar. You have more than 120 crore people who have Aadhaar. Then supposing somebody wants PAN, he has to first use Aadhaar, generate PAN and then start using it. With Aadhaar the advantage would be he now does not have to generate PAN. So this is a great convenience,” he said. (AGENCIES)