Policy and Democracy Bureau
In a bid to discourage black money holders to use Jan-Dhan accounts, the government has capped withdrawal limit from these accounts to Rs 10,000 per month.
Ever since the Prime Minister Narendra Modi has announced to ban high currency notes to combat black money, deposits in Jan Dhan accounts have started swelling manifolds.
Fully KYC compliant holders may withdraw Rs 10,000 from their account every month while the branch managers may allow further withdrawals beyond Rs 10,000 with 'current applicable limits' only by ascertaining the genuineness of such withdrawals and after documentation, the Reserve Bank of India said in a press release.
The central bank further added that limited or non-KYC compliant account holders will be allowed to withdraw Rs 5000 per month from the amount deposited in old currency notes after November 9, 2016, with a ceiling of Rs 10,000.