Deposit limit and Withdrawal limits have been made on PMJDY Savings Bank accounts by Reserve Bank of India. PMJDY is Pradhan Mantri Jan Dhan Yojna which was started by Indian Prime Minister Narendra Modi. Afetr demonetization of Indian currency lakhs of money were deposited into such zero balance accounts all over country. Most of these transactions from 8th November 2016 after demonetization are closely watched by RBI na diNocme Tax departments. Jan dhan yojana withdrawal limit was made to prevent possible black money cash deposits in these accounts from being withdrawn.
Few days back deposits making cash balance more than Rs.50,000 in Jan Dhan accounts was stopped as per directions of RBI. It was found that many people are using help of other people who have Jan Dhan accounts to deposit or hide money of black money holders. From 30 November 2016, jan dhan yojana withdrawal limit is only up to Rs.10,000 per month. Now Income Tax department will start inquiring about Jan Dhan deposits made in India that exceeds Rs.50,000. For normal savings bank accounts it was Rs.2,50,000 when Income tax will inquire of source. In case of Jan dhan accounts which are suspected to be involved in hiding black money,withdrawal limit has been made very low.
Only after revealing source of money deposited in Pradhan Mantri Jan Dhan Yojana accounts, this cash can be withdrawn above Rs.10,000 (ten thousand) per month. Only for fully KYC compliant Jan dhan accounts in India, Rs.10,000 can be withdrawn per month. For Non KYC Compliant accounts Jan dhan yojana withdrawal limit has been decreased to Rs.5000 (five thousand) per month .
Jan Dhan Yojana accounts as per PMJDY was started to promote all Indians with low income groups to start a bank account with zero balance. Most of these account holders in Jan Dhan were from rural areas, farmers, workers .etc. When huge deposits of cash started coming into these accounts after demonetization of currency, it’s revealed that this is not their money and owned by black money holders.
In fight against black money, corruption in India Prime Minister started demonetization of Indian currency notes Rs.500, Rs.1000. This has created great impact on India where thousands of people are securing crores of black money in their possession.
When legal tender value of higher currencies like 500, 1000 was made to zero, there was no choice for money launderers other than to look for new ways to hide this money. One way black money holders found was hiding it in several Jan Dhan accounts owned by poor people as binami’s.
Now on wards all customers of Jan dhan accounts have to submit their KYC (Know Your Custoomer) verification forms with Photo, Address proof Identity card copies. Only those who have submitted or have done earlier will be able to withdraw cash up to Rs.10,000 from a Jan Dhan account.
Banning of Indian currency of old Rs.500, Rs.1000 notes have created sleepless nights to hidden millionaires around us. They kept themeselves away from law by hiding currency notes of higher denominations they got from bribes, scams, corruption, real estate, crimes .etc.
Now everything comes into open or become zero value with currency demonetization announced by Indian prime Minister Narendra Modi.
Prime Minister Narendra Modistarted Jan Dhan accounts in year 2014. Till 8th November 2016 before demonetization, total cash balance of Jan Dhan accounts was 45,636 crore. But within no time total balance in Jan dhan accounts crossed Rs.70,000 crores. Within 2 weeks of demonetisation more than 27,0000 crores was deposited in India.
Poor account holders n Jan Dhan scheme were given commission by others to deposit money in bank accounts. Jan dhan account holders in cities, urban areas also used their own accounts to make deposits in huge amounts without depositing it in their savings accounts. With recent RBI decision Jjan Dhan Yojana withdrawal limit for KYC compliant accounts is Rs10000 and for Non KYC compliant accounts is Rs.5000.
All loop holes of black money transactions are being closed by Narendra Modi with help of Reserve Bank of India, Income Tax department, Enforcement .etc. Lot of protests, strikes are made opposing political parties against cash demonetisation which is of no use. Central government is proceeding forward to at against black money in India.