Original ID’s must for Bank transaction above Rupees 50,000
As per the reports, recently it has been made compulsory for people 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 limit of Rs.50,000. Here the department of revenue in the Finance Ministry has issued a gazette notification making a modification 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 together by India to combat money laundering and generation of black money. The PMLA and its rules imposes obligation on reporting entities like Cooperative banks, housing Finance institutions, Stock Brokers, chit fund companies, 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 of Rs.50,000 or above. All cross boarder wire transfer exceeding Rs. 5 lakh in foreign currency and sale and purchase of immovable property valued at Rs.50 lakh or more also come under this category.
Here are the list of Documents you need to show to the authorised person
As per the notification, in case the officially valid document produced does not contain updated address proof like 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 submit family pension payment orders issued to retired employees by government or property or municipal tax receipt, pension, or letter of allotment of accommodation from employer can be considered for the same purpose.
