Home >Politics >Policy >Anti-money laundering rules amended to make Aadhaar use easier

NEW DELHI : The government on Wednesday amended the anti-money laundering rules to allow people to use Aadhaar for identification and yet use an address different from the one given in Aadhaar document for purposes like opening bank accounts.

The move is aimed at making it easier to use the biometric identification document for various purposes. A government official said that the amendment, which is effective from Wednesday, allows people who have used Aadhaar for meting the 'know your customer (KYC)' norms to give an address different from the address in Aadhaar as current address on self declaration basis.

"This has been a demand from people and will help migrant workers who have the address of their native place in Aadhaar but want a bank account with their current address where they are living for work," said the official who spoke on condition of anonymity. There are many cases where people may have their permanent address in Aadhaar and want to give a more functional address for KYC purposes, said the person.

The notification issued on Wednesday amending the Prevention of Money-laundering (Maintenance of Records) Rules of 2005 said that a self declaration of the current address to a reporting entity would be sufficient while using Aadhaar as identification. The move seeks to improve the ease of living, a priority for the government.

Finance Minister Nirmala Sitharaman had in the union budget in July made Aadhaar and Permanent Account Number (PAN) issued by the income tax department interchangeable. This enabled those not having PAN to file tax returns using Aadhaar and use Aadhaar wherever PAN is needed.

Subscribe to newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Click here to read the Mint ePaperLivemint.com is now on Telegram. Join Livemint channel in your Telegram and stay updated

My Reads Logout