Decrease in inflow of funds in Jan Dhan accounts post demonetization

There has been a considerable decrease in the inflow of funds in Jan Dhan accounts since the time the government has alerted people not to allow their accounts to be used by others for the purpose of converting their black money.

In the first week after the decision on currency notes was announced, i.e. 8th to 15th November, the total deposits received in Jan Dhan accounts was Rs. 20,206 crores.

In the second week between November16 to 22, the flow was Rs.11, 347crores. It was reduced to Rs. 4,867 crores in the third week between November 23 to 30.

The inflow into Jan Dhan account has now been reduced to Rs. 410 crores and Rs. 389 crores respectively on December 1 and 2.

"The average per account deposit in Jan Dhan accounts is Rs.13,113/- for this entire period from 8th November to 2nd December, which is not alarming, given the need to bring all cash to banks," said Meenakshi Goswami, the commissioner of income tax, media and technical policy.

In order to investigate money deposits in Jan Dhan accounts which belonged to somebody else, the Income Tax Department has identified the local clusters and Bank branches where the inflow of Jan Dhan deposits have been more than normal.