Government of India revised Aadhaar card guidelines following which all the people will be allowed to use Aadhaar for know-your-client (KYC) purposes. Further, people will be allowed to give the local address, different address from the address registered with the Aadhaar database, on a self-declaration basis for KYC purposes.
The government has amended the Aadhaar usage norms following the demand from various sectors. Typically, a large section of people has their residential address in their Aadhaar and provide work address as current address. However, there are many cases where people may have their native address in Aadhaar and want to give a more functional address for KYC.
The revised Aadhaar guidelines are likely to help the migrant people who have moved from their native city to another due to work-related transfers. Such people are more willing to provide the local address following which they can have a bank account linked to their current addresses.
“In the Prevention of money-laundering (Maintenance of Records) Rules, 2005, in rule 9, after sub-rule (18), following sub-rule shall be inserted namely: “(19) Where a client has provided his Aadhaar number for identification under clause (a) of sub-rule (4) and wants to provide a current address, different from the address as per the identity information available in the Central Identities Data Repository, he may give a self-declaration…..Read More>>