RBI Restricts Jan Dhan account withdrawal limits to Rs 10,000

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Delhi, 30 Nov: Yet in another major development from RBI side, the withdrawing limit from the Jan Dhan bank accounts has been restricted to Rs 10,000 in a month.

Now people can withdraw Rs 10, 000 from the bank accounts opened under Mantri Jan Dhan Yojana (PMJDY) which are funded through deposits of Specified Bank Notes (SBNs).

However, the bank managers can also allow to withdraw more than Rs 10,000 within ‘current applicable limits’ after ‘ascertaining the genuineness of such withdrawals’.

On the other hand, non-KYC compliant account holders are allowed to withdraw only half the amount, ie Rs 5,000, in a month within the ceiling of Rs 10,000.

As soon after the demonetisation was announced cases were reported in which black money holders and money launderers taking advantage of Jan Dhan accounts using them to deposit their unaccounted money by pressuring farmers.

Hense, the RBI has taken steps to curb activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws.

Prime Minister Narendra Modi had launched the Jan Dhan Yojana after he assumed the office aiming to provide banking access to farmers and labourers residing in remotest parts of the country. Lakhs of new accounts have been opened under the scheme.

 Wefornews Bureau

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