Department of Revenue (DoR) has informed that the objectives of Aadhaar seeding with bank accounts is to weed out bogus, fictitious and benami accounts used for money laundering, terror funding or avoiding taxes and to ensure a reduction in leakages of Government spending. For the beneficiaries, Aadhaar has emerged as a powerful instrument to establish their identity anywhere at any time, receive entitlements and exercise their rights.
The said rules further provide inter alia that an individual eligible to be enrolled for an Aadhaar number shall, at the time of commencement of an account based relationship, submit the Aadhaar number and, where Aadhaar number has not been assigned, furnish proof of enrolment for Aadhaar.
This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in a written reply to a question in Lok Sabha today.