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Withdrawal from PMJDY Bank Account

Mr. C.S. Sudheer | Posted On Wednesday, November 30,2016, 05:43 PM

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Withdrawal from PMJDY Bank Account

 

 

The Prime Minister Narendra Modi, launched the Pradhan Mantri Jan Dhan Yojana (PMJDY), on August 28th 2014. The aim of this scheme….each and every citizen of our country, must have a bank account. Yes….unless the poor in India have a bank account, our country is not going to progress. The PMJDY account is a zero balance savings account. Money can be withdrawn from this account, using your RuPay debit card. Today, more than 25 crore Jan Dhan accounts, have been opened in the country.

The Government scrapped 500 and 1000 rupee notes, effective, November 8th 2016, to curb black money in the economy. Citizens hoarding black money in old 500 and 1000 rupee notes were restless….How to deposit all this illegal money in banks? Well…just use the Jan Dhan bank accounts of poor citizens in India. Want to know more about financial inclusion? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website. IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real EstateLoansBank Accounts and capital markets

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How are Jan Dhan Bank Accounts Misused?

The Jan Dhan bank accounts are opened by the poor in our country, to gain access to banking services. However, just two weeks after the note ban, more than INR 27,200 crores has been deposited into these bank accounts. How can the poor in our country, deposit so much money, so fast? The Government suspects that Jan Dhan bank accounts of poor citizens, are being used to launder black money. Money laundering hides the source of money and makes the money appear legitimate.

Citizens with black money give poor people/farmers/people in rural areas, their old 500 and 1000 rupee notes, to deposit in their Jan Dhan accounts. You can deposit up to INR 50,000 in your Jan Dhan account. This money is to withdrawn from the account at a later time and returned. The poor get paid for this service. There are many poor citizens in our country, who are willing to lend their Jan Dhan bank accounts, to unscrupulous people and earn some quick money. The Government wants to put an end to this misuse of Jan Dhan accounts.

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Withdrawals from Jan Dhan accounts restricted?

You can deposit a maximum of INR 50,000 in your Jan Dhan account. Citizens with black money use Jan Dhan accounts of poor people, to convert black money to white. A number of such Jan Dhan accounts are being used. How does this work? Let’s say a citizen has black money in old 500 and 1000 rupee notes, lying at home. He gives this money to a money launderer, who uses poor people to deposit this money, in their Jan Dhan bank accounts.

A number of poor citizens allow their Jan Dhan accounts to be misused, in exchange for some money. The key to convert black money to white using Jan Dhan accounts? This money needs to be withdrawn at a later time. RBI wants to make the withdrawal process difficult, so that people with black money, really struggle to convert black money to white.

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If you are a fully KYC complaint Jan Dhan account holder, you can withdraw only INR 10,000 in a month, from your bank account. If your account is non KYC complaint, you can withdraw only INR 5,000 a month, if you have deposited money in old 500 and 1000 rupee notes, after November 9 th 2016.

Black money hoarders who have dumped their old 500 and 1000 rupee notes, in Jan Dhan accounts of poor citizens, are going to have a tough time getting it out.  If the tax department suspects misuse of Jan Dhan accounts, both the depositor and one who benefits from this money (beneficial owner), will be prosecuted under the tough Benami Transactions Act. This money could also be seized. Is a jail term, worth converting black money to white? You be the judge. Be Wise, Get Rich.

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