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Withdrawal from Jan Dhan accounts cut to Rs 10,000 a month

Decision has been taken to protect the farmers and rural account holders of Pradhan Mantri Jan Dhan Yojana from activities of money launderers

IANS  |  New Delhi 

Withdrawal from Jan Dhan accounts cut to Rs 10,000 a month

In view of reports of accounts being used to hoard unaccounted money, the Reserve Bank of has curtailed the withdrawal limit from such accounts to Rs 10,000 per month.

"Fully compliant account holders may be allowed to withdraw Rs 10,000 from their account, in a month," said on Wednesday.

"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," it said.

For non-compliant accounts, the withdrawal limit has been fixed at Rs 5,000 per month from the amount deposited after November 9, with an overall ceiling of Rs 10,000.

"The decision has been taken to protect the farmers and rural account holders of Pradhan Mantri Yojana from activities of money launderers and legal consequences under the benami property transaction and money laundering laws," it said.

Earlier, the government had warned people from letting their accounts being used by people to park their unaccounted cash.

The Finance Ministry had set an upper limit of Rs 50,000 for deposits into accounts.

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Withdrawal from Jan Dhan accounts cut to Rs 10,000 a month

Decision has been taken to protect the farmers and rural account holders of Pradhan Mantri Jan Dhan Yojana from activities of money launderers

Decision has been taken to protect the farmers and rural account holders of Pradhan Mantri Jan Dhan Yojana from activities of money launderers
In view of reports of accounts being used to hoard unaccounted money, the Reserve Bank of has curtailed the withdrawal limit from such accounts to Rs 10,000 per month.

"Fully compliant account holders may be allowed to withdraw Rs 10,000 from their account, in a month," said on Wednesday.

"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," it said.

For non-compliant accounts, the withdrawal limit has been fixed at Rs 5,000 per month from the amount deposited after November 9, with an overall ceiling of Rs 10,000.

"The decision has been taken to protect the farmers and rural account holders of Pradhan Mantri Yojana from activities of money launderers and legal consequences under the benami property transaction and money laundering laws," it said.

Earlier, the government had warned people from letting their accounts being used by people to park their unaccounted cash.

The Finance Ministry had set an upper limit of Rs 50,000 for deposits into accounts.
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Business Standard
177 22

Withdrawal from Jan Dhan accounts cut to Rs 10,000 a month

Decision has been taken to protect the farmers and rural account holders of Pradhan Mantri Jan Dhan Yojana from activities of money launderers

In view of reports of accounts being used to hoard unaccounted money, the Reserve Bank of has curtailed the withdrawal limit from such accounts to Rs 10,000 per month.

"Fully compliant account holders may be allowed to withdraw Rs 10,000 from their account, in a month," said on Wednesday.

"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," it said.

For non-compliant accounts, the withdrawal limit has been fixed at Rs 5,000 per month from the amount deposited after November 9, with an overall ceiling of Rs 10,000.

"The decision has been taken to protect the farmers and rural account holders of Pradhan Mantri Yojana from activities of money launderers and legal consequences under the benami property transaction and money laundering laws," it said.

Earlier, the government had warned people from letting their accounts being used by people to park their unaccounted cash.

The Finance Ministry had set an upper limit of Rs 50,000 for deposits into accounts.

image
Business Standard
177 22