Aadhaar the 16-digit biometric number issued by the UIDAI is gaining more and more importance as the government is leaving no stone unturned to check any malpractices in the system and linking all financial transactions to the universal Aadhaar Id.
1. Opening of Bank Accounts with effect from June 1, 2017:
Government came up with a notification on June 16 amending the provisions of Prevention of Money Laundering Act (PMLA) making Aadhaar number mandatory for bank account opening as well as for financial transactions over Rs. 50000.
2. Pension Payments Under Pradhan Mantri Atal Pension Yojana:
Government's social security scheme, APY, to which subscriber members are contributing pension amount now requires providing Aadhaar mandatorily for availing its benefits. The seeding of Aadhaar with the pension account as well as the savings account from which periodically the amount towards the scheme are being debited is compulsorily.
Also the co-contribution of an amount upto Rs. 1000 shall be made by the government only to those accounts which are seeded with aadhaar.
3. For availing LPG and Kerosene subsidy:
The biometric identity is also made compulsory for availing kerosene subsidy and the last date for getting the aadhaar or enrolment for it is September 30.
4. For obtaining PAN and Filing Income Tax Returns After July 1:
Finance Act 2017 requires mandatory quoting of PAN or the enrolment ID and also for obtaining new PAN as per the newly introduced Section 139AA of the Income-tax Act, 1961.
5. For availing Crop Insurance
With the start of the FY 2017-18, government has made aadhaar compulsory for crop insurance. The directive for its implementation says "The Government of India has notified that farmers availing crop insurance schemes administered/implemented by the Department of Agriculture from kharif 2017 are hereby required to undergo Aadhaar authentication or furnish proof of possession of Aadhaar".
6. For online mutual fund purchase to complete e-KYC procedure:
The physical presence or verification in the case when mutual funds are purchased online requires Aadhaar mandatorily.
7. For Benefits under EPS:
For receiving provident funds also you need to furnish aadhaar or the enrollment number for aadhaar application. This is true whether you are working for a large company or a government organization.