RBI restricts withdrawal limits on Jan Dhan accounts to Rs 10,000; cites ‘farmer protection’

As per the notification, banks can allow fully KYC compliant account holders to withdraw only Rs 10,000 in a month.

By: Express Web Desk | New Delhi | Updated: November 30, 2016 2:08 pm
reserve bank of india, jan dhan yojana, jan dhan bank accounts, jan dhan account limit, withdrawal limit, jan dhan withdrawal limit, demonetisation news, demonetisation update Reserve Bank of India.

The Reserve Bank of India has put withdrawal limits on bank accounts opened under Pradhan Mantri Jan Dhan Yojana (PMJDY) which are funded through deposits of Specified Bank Notes (SBNs) after November 9. The notification issued by RBI stated that the limits are being imposed to protect “innocent farmers from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws”.

WATCH VIDEO: Here’s Why RBI Restricted Withdrawal Limits On Jan Dhan Accounts To Rs 10,000

As per the notification, banks can allow fully KYC compliant account holders to withdraw only Rs 10,000 in a month. However, the bank managers can also allow withdrawal of 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 entitled to withdraw only half the amount, ie Rs 5,000, in a month within the ceiling of Rs 10,000.

After the central government announced its demonetisation policy, some reports suggested the black money holders and money launderers were taking advantage of Jan Dhan accounts using them to deposit their unaccounted money by pressuring farmers.

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.

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  1. A
    A
    Nov 30, 2016 at 5:16 am
    New rule everyday. Nobody is protecting anybody. Government does not want to return money to their rightful owner. I want to see how long are they going to fool us in the name of safety, security, black money, national importance, poverty etc etc etc. Nothing has changed since 2014 and all the pointers are going down. The government had laundered our faith and now we are losing faith in democracy.
    Reply
    1. V
      Vish
      Nov 30, 2016 at 3:18 pm
      Why is TBI acting in a stupid manner? Why cannot a JDY account holder withdraw money deposited before 08NOV2016.? PM himself preened that JDY account holders started depositing in their accounts, before 08NOV? RBI should stop being s and clarify . By the way, RBI never responds to emails sent to their email address, given for public redressal on their site RBI. They join the long line of cheats, by doing so.
      Reply
      1. A
        Arjun
        Nov 30, 2016 at 10:13 am
        What does feku think? This will not deter black markeyets still. If not withdraw , you can transfer!! And bhakts think its a masterstroke!! The bank managers are themselves aligned to various parties.
        Reply
        1. D
          Dash
          Nov 30, 2016 at 12:32 pm
          Good decision. It will stop those who blackmoney from misusing Jan Dhan accounts. It wil increase govt revenue as more people will declare ets under the new scheme which taxes declared income at 50 percent.
          Reply
          1. B
            babali
            Nov 30, 2016 at 9:48 am
            The country is down on its knees due to this benefit-less idiocy of the foolish PM and these additional restrictions only rub salt on the wounds of poor people like me who waste time standing in Qs 3 days a wk. And fake comments experts like Vs, Gogogo, etc, who are also paid by the International Banking Cartels, are trying to sing praises, Ha! The Bankers should just chop off our heads and release us from this misery once and for all.
            Reply
            1. D
              dd
              Nov 30, 2016 at 4:43 am
              Government should offer 50% of deposit money if they provide evidence and disclose original owner of money .culprit has to pay 85% tax.
              Reply
              1. D
                dd
                Nov 30, 2016 at 5:09 am
                Offer protection to jandhan account holder...they don't have to return money to to original owner if they disclose name of original owner or agent ....agent and original owner has to pay panelty and tax for the balance..
                Reply
                1. D
                  dd
                  Nov 30, 2016 at 4:49 am
                  P a law who ever has balance in account they don't have to return it to original owner if original owner needs it then he has to pay 125% panelty.
                  Reply
                  1. D
                    dd
                    Nov 30, 2016 at 5:35 am
                    You are already bank corrupt before 2014...At least you have chance to change and recover the way you live..
                    Reply
                    1. H
                      Harry Who
                      Dec 1, 2016 at 3:14 am
                      Now the anti-Modi brigade should shut their filthy s. He has fulfilled his election promise of depositing black money proceeds into poor people's account. Many Jan Dhan accounts now have 2.5 Lakhs of black money deposited into the account.
                      Reply
                      1. J
                        Jawahar D.R
                        Nov 30, 2016 at 11:36 am
                        Can the govt give such restrictions. It amounts to considering that all accounts are used for parking illegal funds. It is against natural justice. The details of the accounts are always available for any action by IT at any point of time. This move will reduce trust on banking system.
                        Reply
                        1. R
                          Rajiv Dua
                          Nov 30, 2016 at 4:17 am
                          This governememt jas run out of cash. Grim situation. People deserve this government.
                          Reply
                          1. R
                            rishi
                            Nov 30, 2016 at 3:18 pm
                            a very good and alert action by the govt. to prevent misuse of jandhan accounts which were originally meant for the real poor to receive govt. subsidies, pension, etc.for people below the minimum incomes of rs.2000 per month or less......small farmers are much safer now than they ever were before when they were at the mercy of private lenders and crooked dalals.modiLed-NDA Govt. is very effexctively reaching to the less privileged and the low and very-low income groups through the expanding banking network with e-outlets opening in thousands and thousands of villages and small towns of the nation. Overall, good governance for that larger electorate also which resides in those small towns and villages of the Nation !
                            Reply
                            1. F
                              Feku
                              Nov 30, 2016 at 1:16 pm
                              Raghuram Rajan is sitting in USA and sipping his pina colada and having the last laugh.lt;br/gt;What a bunch of Morons running the country !!lt;br/gt;What a day !!
                              Reply
                              1. V
                                Vasi krish
                                Nov 30, 2016 at 6:26 pm
                                alert ? wokeup after 20 days ..
                                Reply
                                1. V
                                  Vasi krish
                                  Nov 30, 2016 at 6:25 pm
                                  alice in the wonderland , alice umes what she thinks ,does is correct
                                  Reply
                                  1. R
                                    Ravi Goenka
                                    Nov 30, 2016 at 4:54 am
                                    You surely deserve it
                                    Reply
                                    1. G
                                      gogogo
                                      Nov 30, 2016 at 8:15 am
                                      good move. Let the account holders also declare where did they get the money first.
                                      Reply
                                      1. A
                                        An Indian
                                        Nov 30, 2016 at 8:00 am
                                        RBI has become a joke.
                                        Reply
                                        1. K
                                          kamath Ramesh
                                          Nov 30, 2016 at 11:03 am
                                          It is shocking that huge amounts are deposited in jandhan accts. It is clear that many scrupulous people are trying to take the advantage of accts of poor farmers. This restriction would discourage people to deposit as withdrawal would be difficult.
                                          Reply
                                          1. L
                                            L bhadrapati Devi
                                            Nov 30, 2016 at 5:21 pm
                                            Jan Dhan active account has increased the size of deposit for all of states of India expect Mizoram where a/c opening is done mostly in banks not at customer service points (CSP). Deposit per active Jan dhan a/c is increased by 57 percent for national figure during November 9-23, 2016. RBI should not restrict withdrawal and deposit in such a/c. Surveillance to such a/c can find out parking of fund to the ceiling limits to the tiny Jan Dhan a/c.
                                            Reply
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