The government of India, along with Securities and Exchange Board of India are planning to make Aadhaar mandatory for transactions on the Dalal street. This is being done in order to stop the practice of converting black money into white with the help of stock market.
According to sources close to the development, the government has been taking a number of steps to check the illegal practices to convert black money as well as evading taxes. Also, despite a number of initiatives taken by the government, PAN card hasn’t been seen as a sound method to prove identity of an individual. With such scenarios, the government is looking to enroll Aadhaar to ensure that a secure system is formed, which is tough to break.
Government has been making a lot of efforts to make aadhaar an everyday thing. Individual announcements have made aadhaar mandatory for filing ITR, applying for a PAN card. Along with that, the government has also asked the customers to link their phone numbers and bank accounts with aadhaar. For linking aadhaar with bank accounts and phone numbers, it has set a deadline of 31st December.
Aadhaar comes with an unique number and that will need to be quoted while opening demat accounts or submitting forms to buy mutual funds. However, the speculations about aadhaar replacing PAN in the coming days are still unconfirmed and we might get to hear something on those lines soon.