Jan Dhan accounts were brought in by Indian Prime Minister Sri Narendra Modi to promote bank deposits by common man. After few days of demonetization Government is forced impose a Jan Dhan accounts Cash deposits limit, to prevent black money from getting deposited. Based on this Prime Minister Jan Dhan Yojana (PMJDY) scheme people were allowed to start Zero balance accounts with all banks. This was different from savings accounts which required a cash balance. There are around 25 crore Jan Dhan accounts opened in India.
After demonetization of old currency notes in India, account balance in Jan Dhan accounts started to increase day by day. Theer are several account in PMJDY which has lakhs of deposits as of now. It is considered to be black money deposited by people or these accounts of poor people are being used like binami accounts by rich people to hide money. RBI was informed of increasing cash deposits in Jan Dhan accounts which made them decide to put a limit on it. So Jan Dhan accounts Cash deposits limit up to Rs.50000 was fixed by Reserve Bank of India.
Any amounts in Jan Dhan accounts that exceeds Rs.50000 will be checked individually. Customers of these accounts will have to show source of this money as proof to prove that it’s not unaccounted cash. So everyone who thought that they can hide cash through Jan Dhan Yojana bank accounts of Prime Minister (Pradhana Manthri) will be in a tight fix. They won’t be able to withdraw this amount without scrutiny by income tax officials. Black money conversion through Jan dhan accounts was made by many people where they utilized accounts of others to deposit cash.
Economic Affairs Secretary Shaktikanta Das informed media that special attention is given to Jandhan accounts which are suspected to be hiding black money.
Even small deposits amounting to Rs.1 lakhs to Rs.2 lakhs will be checked by authorities to make sure that money deposited is legal. Earlier it was said that Bank deposits in savings accounts up to Rs.2,50,000 will not have any IT inquiry.
The way in which money was deposited widely in Jandhan Bank accounts ranging from lakhs after demonetization had prompted authorities to put a limit on it. In normal savings accounts cash deposits up to Rs.2,50,000 will considered normal as said earlier.
Jan Dhan accounts cash deposits limit has been placed after knowing about different ways of depositing black money was found out.
People were paid commission to deposit cash in their Jan dhan accounts. Also many people were given money to make fixed deposits of 45 days with other banks and later get them converted as new currency.
Jan Dhan bank accounts were aimed at providing banking related services to poor people by giving them zero balance accounts. But this was getting misused by some corrupt people which is going to affect everyone.
So from now on cash deposit limit and balance for Jan dhan accounts is Rs.50000. There is nothing to worry if you have deposited your hard earned cash in these accounts. If you have deposed money exceeding it and have proof to reveal source of this money, there is no problem.