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Home » Economy » RBI limits Jan Dhan account withdrawal to ₹ 10,000 per month

RBI limits Jan Dhan account withdrawal to ₹ 10,000 per month

By Newsd
Updated on :
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Reserve Bank of India has issued a notification which limits the Jan Dhan account holders to withdraw only ₹10,000 a month, as a temporary measure to avoid money laundering.

“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 such accounts funded through deposits of Specified Bank Notes after November 9, 2016,”RBI said in a notification.

According to the new notification, a fully know your customer (KYC) compliant Jan Dhan account holder will be allowed to withdraw  ₹ 10,000 a month, while limited or non KYC compliant account holder can only withdraw ₹ 5,000 a month.

However, RBI said that bank managers may allow further withdrawals beyond the limit only after furnishing appropriate documents to prove why the account holder needed the money and the transaction should be duly documented on banks record.

There have been allegations that black money hoarders were using the Jan Dhan account to safely convert the black money into white.