Source: News Bharati English30 Nov 2016 10:06:00

New Delhi, November 30: The Reserve Bank of India (RBI) has issued a notification saying Pradhan Mantri Jan Dhan Yojana account holders will be allowed to withdraw only Rs 10,000 a month, on temporary basis. This move is been taken to protect farmers interests.
“With a view to protect the innocent farmers and rural account holders of PMJDY from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws, it has been decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes (SBNs) after November 09, 2016,” RBI quoted.

As per the statement issued by RBI, fully KYC complaint account holders may be allowed to withdraw Rs, 10,000/- from their account, in a month. The branch managers may allow further withdrawals beyond Rs. 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank’s record.

And limited or Non KYC compliant account holders may be allowed to withdraw Rs. 5,000 per month from the amount deposited through SBNs after November 09, 2016 within the overall ceiling of Rs. 10,000.

Earlier the Finance Ministry had set a higher limit of Rs 50,000 for deposits into these accounts. The Economic Affairs Secretary Shaktikanta Das had said, "Some people are using Jan Dhan accounts to deposit black money. Up to Rs 50,000 can be deposited in Jan Dhan accounts."

It is observed that in first two weeks of announc8ng demonetization the total balance in PMJDY increased by 60% to Rs 72,834.72 crore, whereas earlier, it took 16 months after the launch of the scheme to seek net balance of Rs 27,283.05 crore.

Government is been making successive efforts to ensure that while eradicating the problem of black money from the country, interests of citizens is being protected.