New Delhi: With a view to protect the innocent farmers and rural account holders of Pradhan Mantri Jan Dhan Yojna from activities of money launders and legal consequences under the Benami Property Transaction and Money Laundering laws, The Reserve bank has decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes (SBNs) after November 09, 2016.

As a temporary measure, the banks have been advised by RBI to observe certain guidelines in respect of the PMJDY accounts.

  • Fully KYC complaint account holders will be allowed to withdraw an amount upto Rs 10,000 from their account, in a month. Amount above Rs 10,000 can't be withdrawn under normal circumstances


 

  • The branch managers may allow further withdrawals beyond Rs 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank’s record


 

  • 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


 

  • Earlier there was no upper limit on the withdrawal of money from the PMJDY accounts, which received regular subsidies from the government


 

  • The move has been taken by RBI after several accounts reportedly held more than permitted amounts, which were leading to money laundering and benami property transactions