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30
November 2016
In view of reports of Jan Dhan accounts
being used to hoard unaccounted money, the Reserve Bank of India has curtailed
the withdrawal limit from such accounts to Rs10,000 per month.
"Fully KYC compliant account
holders may be allowed to withdraw Rs10,000 from their account, in a month,"
RBI said on Wednesday. The Total
Investment & Insurance Solutions
"The branch managers may allow
further withdrawals beyond Rs10,000 within the current applicable limits only
after ascertaining the genuineness of such withdrawals and duly documenting the
same on bank's record," it said.
The Total Investment & Insurance Solutions
For non-KYC compliant accounts, the
withdrawal limit has been fixed at Rs5,000 per month from the amount deposited
after November 9, with an overall ceiling of Rs10,000.
"The decision has been taken to
protect the farmers and rural account holders of Pradhan Mantri Jan Dhan Yojana
from activities of money launderers and legal consequences under the benami
property transaction and money laundering laws," it said. The Total Investment & Insurance
Solutions
Earlier, the government had warned
people from letting their Jan Dhan accounts being used by people to park their
unaccounted cash. The Total Investment
& Insurance Solutions
The Finance Ministry had set an upper
limit of Rs50,000 for deposits into Jan Dhan accounts.The Total Investment & Insurance Solutions
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