Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
2-min read

Govt Eases Norms for Opening Bank Account for Migrants With Aadhaar KYC

The Department of Revenue on Thursday said its notification is with regard to easing of Aadhaar KYC use for opening of the bank account for the convenience of people who often migrate from place to place for jobs or any other reason.

PTI

Updated:November 14, 2019, 9:05 PM IST
facebookTwitter Pocket whatsapp
Govt Eases Norms for Opening Bank Account for Migrants With Aadhaar KYC
Image for representation only.

New Delhi: The government has eased KYC norms for migrants to open bank account by allowing them to give a self-declared local address as sufficient proof of residence in case it is different from one mentioned in Aadhaar document.

Migrants face difficulties in having proof of residence as address on Aadhaar is different from their current location.

The Department of Revenue on Thursday said its notification is with regard to easing of Aadhaar KYC use for opening of the bank account for the convenience of people who often migrate from place to place for jobs or any other reason.

The changes were made by amending the Prevention of Money-laundering (Maintenance of Records) Rules, as per a gazette notification issued on Wednesday.

This amendment has been issued to allow people who have used Aadhaar KYC to open bank account and want to give an address different from the address in Aadhaar as current address on a self-declaration basis.

"The amended PMLR applies only to Aadhaar KYC purposes for opening of bank account and not for the change of Address in Aadhaar card.

"If a person has moved residence for purposes of work and needs to use Aadhaar KYC for opening a new bank account or change his bank branch, etc., he can give a self declaration of new address while retaining the original address on his Aadhaar card," Revenue Secretary Ajay Bhushan Pandey said.

The PML Rules amendment makes opening bank account easier for individuals who are living in an address different from their address in Aadhaar, he said, adding that people who submitted Aadhaar card with a different address as KYC at banks can now submit local address by providing a self-declaration.

He further said that with this amendment, giving a self-declaration about a local address or any address other than the one on Aadhaar card will be sufficient as address proof to open bank account with Aadhaar KYC.

This amendment brings in convenience especially for the migrant people. For example, if a migrant worker comes from Jharkhand to Mumbai and his/her Aadhaar has Jharkhand's address, then to open a bank account a self-declaration about his/her local address in Mumbai will be sufficient for Aadhaar KYC.

The change has been made through an amendment in the PML Rules and not by way of amending Aadhaar Act/Regulations and it does not apply to change of address in Aadhaar card.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 307.40 -0.53
SBI 332.75 0.06
TCS 2,120.20 2.36
Yes Bank 47.20 1.18
Reliance 1,575.00 -0.50
Company Price Change %Gain
TVS Motor 450.40 -1.61
Indiabulls Hsg 306.95 -0.76
ACC 1,433.60 -2.15
Power Grid Corp 187.10 0.65
Maruti Suzuki 7,161.05 -0.84
Top Gainers
Company Price Change %Gain
Tech Mahindra 780.70 2.47
TCS 2,119.35 2.32
GAIL 122.10 1.92
HCL Tech 551.50 1.54
Yes Bank 47.20 1.18
Company Price Change %Gain
Tech Mahindra 780.35 2.49
TCS 2,119.20 2.29
HCL Tech 550.85 1.38
Yes Bank 47.20 1.18
HDFC 2,378.80 1.10
Top Losers
Company Price Change %Gain
Grasim 767.00 -1.96
HUL 1,973.15 -1.65
Adani Ports 371.70 -1.39
ITC 238.15 -1.43
Titan Company 1,170.95 -1.28
Company Price Change %Gain
HUL 1,974.25 -1.55
ITC 238.20 -1.43
Vedanta 147.60 -1.17
Tata Motors 174.70 -1.10
HDFC Bank 1,250.00 -1.01

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results