Aadhaar mandatory for opening bank accounts, transactions over Rs.50,000

Govt to tighten rules for small accounts

by Janhavi Behere

The government has made the Aadhaar card mandatory for opening bank accounts and for financial transactions of Rs.50,000 and above. The limit for financial transactions includes investments in mutual funds, FDs and insurance. The Aadhaar number must be quoted along with PAN or Form 60 for all financial transaction above the threshold limit with effect from 1 June 2017.

Existing bank account holders have been asked to submit the Aadhaar number by 31 December 2017 and failure to do so will result in the account being declared invalid. In case there’s no Aadhaar card, the individuals will be required to submit proof of having applied for it. The government will also be tightening the rules for small accounts to check for money laundering activity.

References
1. http://economictimes.indiatimes.com/news/economy/policy/aadhaar-mandatory-for-opening-bank-account-financial-transactions-of-rs-50000-and-above/articleshow/59177273.cms
2. http://www.business-standard.com/article/economy-policy/now-aadhaar-must-for-opening-bank-acc-transaction-of-rs-50-000-or-above-117061600639_1.html
CMIE STATISTICS
Unemployment Rate
Per cent
3.5 +0.1
Consumer Sentiments Index
Base September-December 2015
96.5 -0.2
Consumer Expectations Index
Base September-December 2015
96.2 0.0
Current Economic Conditions Index
Base September-December 2015
96.8 -0.5
Quarterly CapeEx Aggregates
(Rs.trillion) Jun 16 Sep 16 Dec 16 Mar 17
New projects 1.46 2.37 1.42 2.92
Completed projects 0.91 2.21 0.91 1.77
Stalled projects 1.40 0.64 1.01 0.35
Revived projects 0.40 0.51 0.17 0.62
Implementation stalled projects 0.50 0.37 0.80 0.27
Updated on: 28 Jun 2017 8:20PM
Quarterly Financials of Listed Companies
(% change) Jun 16 Sep 16 Dec 16 Mar 17
All listed Companies
 Income -0.9 2.1 6.2 10.2
 Expenses -0.3 1.9 6.4 11.7
 Net profit -4.0 14.6 38.9 17.8
 PAT margin (%) 6.9 6.9 6.1 6.2
 Count of Cos. 4,519 4,489 4,485 4,305
Non-financial Companies
 Income -2.5 0.6 6.0 11.7
 Expenses -2.9 -0.2 7.4 15.4
 Net profit 9.7 26.7 23.4 -1.5
 PAT margin (%) 7.4 6.9 6.3 6.4
 Net fixed assets -9.2 7.7
 Current assets 8.1 2.4
 Current liabilities 11.6 9.4
 Borrowings 3.1 5.5
 Reserves & surplus 8.4 7.7
 Count of Cos. 3,515 3,491 3,491 3,359
Numbers are net of P&E
Updated on: 28 Jun 2017 8:30PM
Annual Financials of All Companies
(% change) FY13 FY14 FY15 FY16
All Companies
 Income 12.5 9.9 5.0 1.0
 Expenses 12.8 9.8 5.0 1.1
 Net profit 1.1 -2.1 2.0 -11.6
 PAT margin (%) 3.6 3.2 3.3 3.2
 Assets 14.3 12.2 9.3 8.1
 Net worth 9.6 9.5 8.6 7.4
 RONW (%) 6.8 6.2 6.2 5.6
 Count of Cos. 24,675 22,117 21,242 17,323
Non-financial Companies
 Income 11.8 9.6 4.1 0.0
 Expenses 12.2 9.2 4.2 -0.8
 Net profit -8.5 -2.4 -5.0 12.5
 PAT margin (%) 2.4 2.2 2.2 2.9
 Net fixed assets 12.9 11.6 13.0 12.4
 Net worth 7.8 8.6 7.3 6.7
 RONW (%) 5.5 5.1 4.9 5.9
 Debt / Equity (times) 1.1 1.1 1.1 1.0
 Interest cover (times) 2.1 1.9 1.9 2.1
 Net working capital cycle (days) 72 69 66 66
 Count of Cos. 19,170 17,554 16,934 14,134
Numbers are net of P&E
Updated on: 08 Jun 2017 2:48PM

New address type added, Promoters' shareholding pledge reports added