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Mandatory Linkage Of Property With Aadhaar: Union Housing Minister
The illicit money in the system shall be further flushed out with this linkage.
As another big move to crack down illicit money which is largely concentrated in property, Union Home Minister after the demonetisation is making a call to mandatorily link aadhaar with property.
"Seeding Aadhaar to property transaction is a great idea but I'm not going to make an announcement on that. We are already linking Aadhaar to bank accounts, etc, and we can take some additional steps for property market also," said Union Home Minister in a TV interview.
There is no economy in the world that is entirely cashless. However, people do not feel the need of carrying large wads of cash around in economies that have stable system. That's the way we are heading," he said.
The move will boost the crack down of benami properties in a big way. Social benefit schemes as well as other financial transactions can now be undertaken by seeding the individual's personal details and Aadhaar.
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