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Friday, March 29 2024
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RBI sets cash withdrawal limits Rs 10,000 from Jan Dhan accounts

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New Delhi: In a move aimed at protecting the innocent farmers and rural account holders of PMJDY (the Pradhan Mantri Jan Dhan Yojana) from activities of money launderers and legal consequences under the Benami Property Transaction & Money Laundering laws, the Reserve Bank of India (RBI) has placed a limit of Rs 10,000 on monthly withdrawals from Jan Dhan bank accounts.

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 notification applies to ‘know your customer’ (KYC) compliant 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.

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