Published On : Wed, Nov 30th, 2016

Withdrawals from Jan Dhan accounts capped at Rs 10,000/month

18rupee1The Reserve Bank of India has announced that cash withdrawals from Jan Dhan accounts will be capped at Rs 10,000 per month.

The move comes following reports that these accounts have been misused by black money holders post-demonetisation. In just 14 days — between November 10 and 23 — Rs 27,197 crore was added to these accounts, which was more than 60 per cent of the inflows during the previous 770 days.

The government had earlier announced that small deposits made in the banks by artisans, workers, housewives, etc, would not be questioned, up to an exemption limit of Rs 2.5 lakh.

However, there wont be a blanket waiver from scrutiny for below R2.5 lakh deposits, sources said, given the spurt in Jan Dhan funds.