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Rs.10,000 Withdrawal Limit On Jan Dhan A/cs
Updated : Nov 30, 2016
In a notification issued on Tuesday, the Reserve Bank of India, said Jan Dhan account holders can withdraw only up to Rs. 10,000 a month. This is in a bid to protect farmers and rural Jan Dhan account holders+from money launderers. Banks can allow withdrawals beyond Rs. 10,000 only after establishing the genuineness of cases and documenting them in records. It said, “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 09, 2016 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.