New Delhi: The Reserve Bank of India has issued a notification saying that Jan Dhan Account holders will be allowed to withdraw only Rs 10,000 a month, as a temporary measure. The notification said, "With a view to protecting 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 the PMJDY accounts funded through deposits of Specified Bank Notes after November 9, 2016.
" As per the notification, those PMJDY account holders who want to withdraw more than Rs 10,000 a month, will have to furnish appropriate documents to prove why they need the money. After that, banks' branch managers may allow individuals to exceed the Rs 10,000 a month limit. RBI further said, ''Fully KYC compliant account holders may be allowed to withdraw Rs 10,000 from their account, in a month.
The branch managers may allow further withdrawals beyond Rs 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank’s record.'' As per the RBI, Limited or Non KYC compliant account holders may be allowed to withdraw Rs 5,000 per month from the amount deposited through SBNs after November 9, 2016 within the overall ceiling of Rs 10,000. (UNI)
