Mumbai: Since the day Prime Minsiter Narendra Modi announced about demonestation, a substantial rise has been noticed in the money that is being deposited in Pradhan Mantri Jan Dhan Yojana accounts.
The word is that the accounts of the poor farmers are being used by the black money holders to convert their money into white.
To save the poor farmers and rural account holders of such exploitation RBI has decided to limit on the operations of these accounts.
As per the guidelines from RBI the limited or non-KYC compliant account holders may now be allowed to withdraw Rs 5,000 per month from the amount deposited through SBNs after 9 November.
Further the guidelines state that the RBI said withdrawals from Jan Dhan accounts funded through deposits of withdrawn 500- and 1,000-rupee currency notes will be limited to 10,000 rupees per month on accounts that are fully compliant with know-your-customer norms.
However, the branch managers may allow withdrawals beyond Rs 10,000 only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank’s record.
Finance Minister Arun Jaitley had said there was evidence of misuse of Jan Dhan accounts for depositing black money in banks as there was a sudden surge in deposits made through some of them.