Large deposits made in Jan Dhan accounts will be scrutinised
Posted on: 13/Nov/2016 5:35:51 PM
The government will look out for large inflows of cash deposits in bank accounts opened under the Pradhan Mantri Jan-Dhan Yojana. This development that comes in the wake of reports that accounts opened under the financial inclusion scheme may be used to launder money.
A government official said, If we find suddenly there are large deposits in Jan-Dhan accounts in one area, we will find out where this money has come from.
The Jan Dhan accounts have a deposit limit of Rs. 1 lakh, and in some cases Rs. 50,000. As many as 25 crore Jan-Dhan accounts have been opened, making them susceptible to abuse wherein those holding these accounts are offered incentives to launder money. The government has said all deposits of over Rs 2.5 lakh in bank accounts would be under scrutiny to ensure that cash deposit is consistent with the declared earning of the depositor.
