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Norms of Aadhaar KYC are eased

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Norms of Aadhaar KYC are eased for opening of bank account and not for the change of address in Aadhaar, said the Department of Revenue (DoR), Ministry of Finance while clarifying on Aadhaar KYC use with reference to its notification dated 13.11.2019 on amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. The DoR said in a categorical statement that 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 and it is not regarding the change of address in Aadhaar card, as has been misreported in various media.

Revenue Secretary, Dr. Ajay Bhushan Pandey said, “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”. Dr Pandey said that the PML Rules amendment makes opening bank account easier for individuals who are living in an address different from their address in Aadhaar.

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