Reserve bank of India in a bid to look after farmers and rural Jan Dhan Account holders from illegal activities, Reserve Bank of India (RBI) has released a circular saying that Jan Dhan Account owners will be allowed to withdraw Rs 10,000 per month temporarily.
RBI new notification applies to Know Your Customer (KYC) compliant Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts financed through deposits of new bank notes after November 9, 2016. As we know, Modi Government has bombed the news of old Rs 500 and 1000 notes ban on November 8, and a day after banks began to give out the new Rs 500 and 2000 notes.
KYC Compliant Jan Dhan Yojana Account holders who want to draw more than Rs 10000 per month will have to submit the proper documents to attest why they need the huge cash. After verification, bank managers will be allowed to withdraw more than 10,000 per month.
However, non KYC compliant PMJDY account holders will allow withdrawing Rs 5,000 a month from the amount they have deposited through new notes after November 9, 2016.
RBI officials in a meeting said, “With a view to reduce black currency and save farmers and rural PMJDY account holders from money launders and illegal people, it has decided to put restrictions on Jan Dhan Account owners on money withdrawal from their accounts. People of PMJDY can be allowed to draw only Rs 10,000 a month and non KYC compliant account holders can withdraw Rs 5,000.”
It also confirmed that new Rs 500 and 2000 notes are giving through banks.