Now no cheque transactions without this number
- The banks will be asking their customers for their respective Aadhar numbers.
- This move will be very handy for the government to track people who will be doing high-value transactions and evade tax.
The Finance Ministry is working closely with the government-run banks like State Bank of India, Bank of India, Canara Bank, Indian Overseas Bank and several others to align Aadhar Card numbers on cheques. This move is likely to help the government to track transaction in much better way.
As of now, the cheque only has the customer name, account number and the IFSC Code. But now the government-run banks might just ask for the Aadhar Card number from their customers as well while depositing or withdrawing money through cheques.
This is yet to be implemented but once done, will be very handy for the government to track people who will be doing high-value transactions and evade tax after that.
The Centre is also trying to implement more than 500 welfare schemes with its Direct Benefit Transfer programme.