Mumbai:To check the misuse of Jan Dhan accounts by black-money hoarders, the Reserve Bank has restricted the withdrawal from such accounts to Rs 10,000 per month.
“With a view to protecting the innocent farmers and rural account holders of Prime Minister’s Jan Dhan Yojana from activities of money-launders and legal consequences under the Benami Property Transaction and Money Laundering laws, it has been decided to place certain limits, as a matterof precaution, on the operations in such accounts funded through deposits of Specified Bank Notes after November 9, 2016,” the RBI on Wednesday said in a notification, terming it as temporary measures.
According to it, fully KYC-complaint Jan Dhan account holders will be allowed to withdraw Rs 10,000 per month from their account, while limited or non-KYC compliant account holders can withdraw Rs 5,000 per month.
It, however, said branch managers might allow further withdrawals beyond Rs 10,000 a month within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on the bank’s record.
With regard to deposits, Jan Dhan account holders have a limit of Rs 50,000.
In the wake of the Centre’s demonetisation drive, Jan Dhan accounts have seen a massive rise in deposits, in many cases to the extent of Rs 49,000.
There have been reports that the bank accounts of people, mainly in rural areas, who had zero balance till the announcement of scrapping of high-value currency notes, have been witnessing sudden surge in deposits.
The government suspects that black money hoarders are using the farmers and other people’s Jan Dhan accounts to deposit their ill-gotten money so that they can safely convert that money into white.
Deposits in Jan Dhan accounts soared sharply by around Rs 27,200 crore in just 14 days after the announcement of ban on old Rs 500 and Rs 1,000 currency notes.
Total deposits in 25.68 crore Jan Dhan accounts crossed the Rs 70,000-crore mark and were at Rs 72,834.72 crore on November 23.
As of November 9, the total deposits in these accounts were Rs 45,636.61 crore.
After the surprise demonetisation of Rs 500 and 1,000 notes announced by Prime Minister Narendra Modi on November 8, deposits in Jan Dhan accounts have increased sharply.
However, 22.94 per cent of 25.68 crore accounts still have zero balance.