RBI places Limits on Cash Withdrwalas from PM Jan Dhan Yojana (PMJDY) Bank Accounts against Cash Deposits of Cancelled/ Old Currency Notes of Rs. 500 and Rs. 1000 after 9 Nov. 2016
To protect innocent farmers and rural account holders, RBI has placed precautionary limits on withdrawals from PM Jan Dhan Yojna (PMJDY) accounts, based on KYC status, against cash deposits of cancelled/ old currency notes of Rs. 500 and Rs. 1000 after 9 Nov. 2016 as under:
i) Fully KYC compliant account holders can withdraw ₹ 10,000/- in a month from such deposits of old notes. Branch managers may allow further withdrawals beyond ₹ 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank’s record.
ii) Limited or Non KYC compliant account holders can withdraw ₹ 5,000 in a month from such deposits of old notes within the overall ceiling of ₹ 10,000.
RBI has decided the above measures to save innocent PMJDY account holders from the nefarious activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws. These are temporary measure and soon the RBI will review.