As Jan Dhan Yojana accounts meant for the unbanked rural people came under the black money purview with mysterious increase of 60% after demonetisation amounting to Rs.72,834 crore worth deposits since Nov. 8.
Now the Reserve Bank of India has cracked the whip limiting withdrawals in these accounts to Rs 10,000 per month. That too only fully KYC compliant holders may withdraw Rs 10,000 from their account every month. It further said that the branch managers may allow withdrawals beyond Rs 10,000 with ‘current applicable limits’ only after ascertaining the genuineness of such withdrawals with proper documentation.
In case of non-KYC compliant account holders, the withdrawals will be limited to Rs 5000 per month from the amount deposited in old currency notes after November 9, 2016, with a ceiling of Rs 10,000.
The RBI defended the new move saying it was imposed to protect the innocent rural account holders of Pradhan Mantri Jan Dhan Yojana from money launderers and black money holders who wanted to escape the Income Tax net.
The Jan Dhan Yojana scheme was launched in August 2014, and it reached a net balance of Rs 27,283.05 crore as of Nov.8 and in less than 20 days it swelled to an astonishing Rs.72,834 crore, triggering genuine suspicion by the authorities that the black money is being routed to white through these accounts.
According unconfirmed sources, black money holders and money launderers have seized their accounts in return for depositing their meony in their accounts to be returned once the normalcy is restored. Now that the RBI has cracked the whip, even to withdraw Rs.2 lakhs would now take full 24 months or two years for the money flow back into the original hands.