 "Aadhaar now alternative for payments above Rs 50,000: Revenue Secy Pandey")
Aadhaar can now be quoted for cash transactions of above Rs 50,000 and other purposes in which the PAN was a must, traditionally, according to Revenue Secretary Ajay Bhushan Pandey.
Banks and other institutions will make back-end upgrades to allow acceptance of Aadhaar in all places where quoting PAN is now mandatory, Pandey said on Saturday.
This follows the Budget allowing interchangeability of PAN and Aadhaar. “Today you have 22 crore PAN cards which are linked to Aadhaar. You have more than 120 crore people who have Aadhaar. Supposing somebody wants PAN, he has to first use Aadhaar, generate PAN and then start using it. With Aadhaar the advantage would be he now does not have to generate PAN. So this is a great convenience,” he said.
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