Jan Dhan account withdrawal limit reduced to Rs 10000 by Reserve Bank of India

Posted on by Ankita Sharma

The Jan Dhan account withdrawal limit has been reduced by the RBI in a recent move to deter the money launderers from misusing these accounts. In a recent statement, the Reserve Bank of India has announced the threshold limit for the cash withdrawal from the Jan Dhan account which will be Rs 10000 in a month. This provision is for the KYC compliant holders.

Jan Dhan account withdrawal limit reduced to Rs 10000 by Reserve Bank of India

While the non- KYC(know your customer) compliant holders will be allowed to withdraw a maximum of Rs 5000 in a month from the sum of money deposited in the account in the scrapped old currency till November 9, 2016.

Jan Dhan account withdrawal limit reduced by RBI to save the innocent from exploitation by money launderers

“With a view to protect the innocent farmers and rural account holders of PMJDY from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws, it has been decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes after November 09, 2016.”

-Reserve Bank of India

The threshold limit for the withdrawals will be applicable till December 30 this year. Furthermore, any withdrawals above this limit will be allowed only in case there is an urgent requirement and the necessary documents will have to be submitted for the same. Such withdrawals can be permitted by the Bank manager after taking in view the requirement mentioned for the amount to be withdrawn.

The cash deposit limit in these accounts has been Rs 50000 after the coming of demonetisation. The deposits in these accounts have been soaring at an increasing rate ever since the old notes of 500 and 1000 denomination have been scrapped. The recent decision of capping the withdrawal limit from these accounts has been taken in order to deter the black money holders to misuse the Jan Dhan accounts of their friends and relatives.

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