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Deposits in Jan Dhan Yojana accounts are falling

Deposits in Jan Dhan bank accounts have fallen after the government's recent measures to ensure that they are not being used to launder black money. On December 2nd and 1st, inflows into Jan Dhan accounts reduced to Rs 410 crores and Rs 389 crores respectively, according to this income tax department circular. It added that for the week ended November 30, deposits reduced to Rs 4867 crore from Rs 11,347 crore at the end of November 22. Deposits for the week ended November 15 shot up to Rs 22,206 crore. The figures corroborates with the data on Jan Dhan's website.   For the week ended November 23, Jan Dhan accounts held Rs 72,834.72 crore from Rs 64,252.156 crore from the week ended November 16. The demonetization drive was started on November 8 and the balance in Jan Dhan accountsstood at Rs 45,636.60 crore as of November 9. Last month, the Reserve Bank of India (RBI) placed withdrawal limits on Jan Dhan accounts. Fully KYC compliant Jan Dhan account holders will be allowed to withdraw Rs 10,000 in a month while limited or non KYC compliant account holders will be permitted to withdraw Rs 5,000 per month. The RBI added that branch managers may allow withdrawals beyond Rs 10,000 within the current applicable limits (Rs 24,000 per week) only after ascertaining the genuineness of such withdrawals and duly documenting the reasons on the bank’s record. Opening multiple accounts to launder money There have been a number of instances where bank employees have been giving advice to individuals who wish to…

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