Fund flow to Jan Dhan a/cs shrinks after govt caution

NEW DELHI: There has been considerable decrease in fund flow to Jan Dhan accounts since the government alerted people not to allow their accounts to be used by others for converting black money.
Between November 8 and 15, the total deposits in Jan Dhan accounts were Rs 20,206 crore. In the second week since demonetisation, between November 16 and 22, it was Rs 11,347 crore while in the third week between November 23 and 30, it was Rs 4,867 crore.
On December 1 and 2, the inflow slowed to Rs 410 crore and Rs 389 crore, respectively. The average per account deposit in Jan Dhan accounts was Rs 13,113 from November 8 to December 2, which is not alarming, given the need to bring all cash to banks, the I-T department said in a statement.
The department has identified local clusters and bank branches where the inflow to Jan Dhan deposits was more than normal, in order to investigate money deposits.
Following concerns over money laundering, the RBI had placed curbs on withdrawals in Jan Dhan accounts. Account holders can withdraw up to Rs 10,000 per month from accounts where KYC formalities are complete and Rs 5,000 from non-KYC accounts.
The government had also limited the deposits in these accounts at Rs 50,000 There are 25.78 crore Jan Dhan accounts with funds totalling Rs 74,321 crore as on November 30.