RBI limits withdrawal from Jan Dhan accounts

NEW DELHI: In a bid to protect farmers and rural Jan Dhan account holders from money launderers, the Reserve Bank of India RBI ) has issued a notification saying these account holders will be allowed to withdraw only Rs 10,000 a month, as a temporary measure.This notification applies to 'know your customer' (KYC) compliant Pradhan Mantri Jan-Dhan Yojana PMJDY ) accounts funded through deposits of new bank notes after November 9, 2016. On November 8, the Centre scrapped Rs 500 and Rs 1,000 notes, and a day later banks began to dispense the new Rs 500 and Rs 2,000 notes.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.Limited or non-KYC compliant PMJDY account holders will be allowed to withdraw Rs 5,000 a month from the amount they've deposited through new notes after November 9, 2016. This, from within the overall ceiling of Rs 10,000."With a view to protect 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 09, 2016,"the RBI said in its notification.Specified Bank Notes are the new Rs 500 and Rs 2,000 notes.