Large cash deposits may soon need Aadhaar authentication

NEW DELHI: You may need to quote more than just your permanent account number (PAN) if your cash deposits or withdrawals cross a certain annual threshold. As part of its latest efforts to crack down on the large flow of currency in the economy, the government is set to mandate Aadhaar authentication — either via electronic-KYC, using bio-metric tools or through a one-time password — in case you cross the specified value.

The move, which follows amendments proposed in the Finance Bill, will be extended to several other high value transactions, including purchase of foreign exchange above a prescribed limit, where consumers currently need to quote their PAN. Similarly, even in case of property transactions over a certain value, merely disclosing your Aadhaar or PAN will not work. At the time of property registration, the transaction may need to be Aadhaar-authenticated, sources said.