AADHAAR CARD SHOULD BE OPTIONAL While the Supreme Court is having arguments for and against the validity of Aadhaar Cards being made mandatory, the RBI has circulated to all the banks that all bank accounts be linked with the Aadhaar card. The RBI is wrong in having set 30th June, 2017 as the last date for linking Aadhaar card after which it is given to understand that the particular bank accounts will be blocked. Is the RBI not following the case in the SC?
Why is that the RBI chose this period pending decision for account holders to link their Aadhaar cards? This is a case of invasion of financial privacy of the account holders who are mostly involved in legal businesses and PAN cards should be sufficient.If false PAN cards are in circulation than the RBI should reinforce measures to authenticate PAN cards by being more vigilant . .The RBI has brought down the rates of fixed deposits in a bank to 6.3 % to 6.8% for various term loans. Besides, it is mandatory that those whose interest amount in each bank branch exceeds Rs.10,000/- per year have to pay tax deduction at source of 10%. Is the RBI being only pro-rich and is it the pet dog of the corporates who are the main defaulters accounting for more than 90% of non performing assets (NPAs) that banks both PSBs & private banks incur? Why is that the system of giving big loan are not linked to actual assets of the corporates so that NPAs can be recovered and do not become a burden on all the banks, at the cost of the fixed deposit holders who get such a pittance and the corporates get the benefit of cheap loans that they do not repay. The Supreme Court should also not supersede its previous ruling which made the Aadhaar card optional and bio-metrics (finger prints and iris scan) could only be revealed in case of criminal offences. Why is it that the SC does not have consistency of ruling? Aadhaar means assistance and only those who apply for assistance may be asked to provide their Aadaar cards. For others at least it should be optional. Stephen Dias Dona Paula