New Delhi: The Reserve Bank of India (RBI) on Wednesday put a ceiling of Rs 10,000 per month on withdrawals from the PM Jan Dhan Yojana (PMJDY) accounts if they are fully KYC (Know Your Customer) compliant and only Rs 5,000 per month from the non-KYC accounts.
Branch Managers of the banks have been, however, given liberty to allow such KYC-compliant account holders to withdraw fur-ther beyond Rs 10,000 within the current applicable limits (Rs 24,000 per month) “only after ascertaining the genuineness of such withdrawals and duly documenting the same on the bank’s record.”
A notification issued by Chief General Manager P Vijaya Kumar said this temporary measure is resorted to protect innocent farmers and rural account holders of PMJDY from money launderers and save them from legal consequences under the Benami Property Transaction and Money Laundering laws.
The limits have been placed “as a matter of precaution on the operations of such accounts funded through deposits of Specified Bank Notes (scrapped notes) after November 9”.
Officials said the step was felt necessary by the government since it had reports of black money holders depositing around Rs 2 lakh in the dormant PMJDY accounts of gullible poor people and then making them withdraw Rs 24,000 per month in the new currency.
An account holder as such will not be able to withdraw more than Rs 10,000 in a month or at the most Rs 20,000 in two months and by that time all such accounts will be checked to detect and separate the huge sums deposited in the PMJDY accounts for seizure or other action, the officials said.
In a written reply in the Lok Sabha, the government had stated that as on November 16, total deposits made in over 25 crore Jan Dhan accounts overshot Rs 65,000 crore since the demonetisation, as much as Rs 10,670.62 crore in Uttar Pradesh alone, followed by Rs 7,826.44 crore in West Bengal, Rs 5,345.57 crore in Rajasthan and Rs 4,912 crore in Bihar.
Meanwhile, the RBI also issued a circular to help out banks flush with scrapped notes exceeding their cash holding/chest balance limits. It said the massive quantity of the scrapped notes coming into the banks’ currency chests should not worry the banks as all such notes in the chests will be treated in the soiled note category and they shall not be reckoned for calculating the chest balance or cash holding limits. This decision will be reviewed in the second fortnight of February, the circular added.
The RBI also issued the 12th FAQs (Frequently Asked Questions) on Wednesday to provide clarity on the numerous orders relating to demonetisation by withdrawing the legal tender character of banknotes of Rs 500 and Rs 1,000 denominations.