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Reading: Deposits in Jan Dhan Accounts slow down after PM Modi warning to black money hoarders
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Deposits in Jan Dhan Accounts slow down after PM Modi warning to black money hoarders
IndiaPolitics

Deposits in Jan Dhan Accounts slow down after PM Modi warning to black money hoarders

Saurav Khanduri
Saurav Khanduri Published December 8, 2016
Last updated: 2016/12/08 at 12:09 PM
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Prime Minister Narendra Modi’s warning to take strict action against on those who would use Jan Dhan accounts to convert black money into white post-demonetisation has emerged as a great impact, as inflows into such accounts have slowed down considerably, said government.

Contents
Use of  Jan Dhan  accounts for laundering black money has been  decreasing considerablyI-T department is monitoring these accounts on a regular basis

The Union Finance Ministry on Wednesday released a statement, saying “there has been a continuous fall in deposits in the last couple of weeks, after an initial surge in deposits after the demonetization of high-value currency on November 8.”

Deposits in Jan Dhan Accounts slow down after PM Modi warning to black money hoarders

Use of  Jan Dhan  accounts for laundering black money has been  decreasing considerably

“Since the time the government has alerted people not to allow their accounts, particularly Jan Dhan accounts, to be used by others for the purpose of converting their black money, there has been a considerable decrease in the inflow of funds in Jan Dhan accounts,” an official statement here said.

Deposits in Jan Dhan Accounts slow down after PM Modi warning to black money hoarders

I-T department is monitoring these accounts on a regular basis

“The average per account deposit in Jan Dhan accounts is Rs 13,113 for this entire period from November 8 to December 2, which is not alarming, given the need to bring all cash to banks, “A

Total amounts deposited during November 8-15 were Rs 20,206 crore, while during November 16-22, people deposited Rs 11,347 crore in such accounts. This further fell to Rs 4,867 crore during November 23-30. Total daily deposit in Jan Dhan accounts was Rs 410 crore on December 1 and Rs 389 crore on December 2.

“The Income Tax Department has identified the local clusters and bank branches where the inflow of Jan Dhan deposits have been more than normal, in order to investigate money deposits in Jan Dhan accounts which belonged to somebody else,” the statement added.

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TAGGED: I-T department, inflow of funds, Jan Dhan accounts, laundering black money, Prime Minister Narendra Modi

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Saurav Khanduri December 8, 2016
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