Original ID’s must for Bank transaction above Rupees 50,000/-
As recently it has been made mandatory to show Original ID’s for transactions above Rs. 50,000/-. The government has made it mandatory for the banks and financial institution to check the original identification documents of the people who are dealing in cash above the prescribed threshold. Here the department of revenue in the Finance Ministry has issued a gazette notification making an amendment to the prevention of money laundering rules. In this the new rule says that the reporting entity to compare “the copy of official valid document so produced by the client with the original and recording the same”
The prevention of money laundering act forms the core of the legal framework put in place by india to combat money laundering and generation of black money. The PMLA and its rules imposes obligation on reporting entities like Stock Brokers, chit fund companies, Cooperative banks, housing Finance institutions, financial institution, non- banking finance companies and intermediaries unit of India. the biometric identification number Aadhar and other official documents are required to be obtained by the reporting entities from anyone opening a bank account as well as for any financial transaction Rs. 50,000/- or above. All cross boarder wire transfer of more Rs. 5 lakh in foreign currency and purchase and sale of immovable property valued at Rs.50 lakh or more also fall under this category.
Here are the list of Documents you can show to the authorised person
The notification states in case the officially valid document furnished does not contain updated address, a utility bill likely electricity, telephone, post-paid mobile phone, piped gas or water bill not more that 2 months old can be considered as a proof of address. You can also give property or municipal tax receipt, pension or family pension payment orders issued to retired employees by government department, or letter of allotment of accommodation from employer can be considered for the same purpose.
