New Delhi, Nov 30: After deposits in Jan Dhan accounts recorded hike post demonetisation of Rs 500 and Rs 1000 currency notes, the Reserve Bank of India has now capped withdrawals in these accounts. The RBI on Wednesday issued a notification fixing withdrawal limit from Jan Dhan accounts at Rs 10,000 per month. In its notification, the RBI said that fully KYC compliant holders may withdraw Rs 10,000 from their account every month. The branch manager have rights to allow further withdrawals beyond Rs 10,000 with ‘current applicable limits’ only by ascertaining the genuineness of such withdrawals and after documentation.
“Fully KYC complaint account holders may be allowed to withdraw Rs 10,000 in a month. However, further withdrawals may be allowed within current applicable limits after ascertaining the genuineness of such withdrawals,” said RBI. Limited or non-KYC compliant account holders may withdraw Rs 5000 per month from the amount deposited through SBNs after November 9, 2016, with a ceiling of Rs 10,000, said the RBI.
“The restrictions were being imposed to ‘protect the innocent farmers and rural account holders of Pradhan Mantri Jan Dhan Yojana (PMJDY) from activities of money launderers and legal consequences under Benami transaction laws,” said the RBI.