The biggest financial decision made in the history of Indian economy – DEMONETISATION has impacted various sectors badly. However the biggest beneficiaries was the banking sector. The deposits in the bank account post currency ban has swelled significantly giving banks a much needed smile.
However the Jan Dhan accounts which were lying dormant before the demonetisation, has now seen a record breaking deposits 45 days after the ban. Funds deposited into these account was highest in the first week of currency ban. But after this week, the deposit amount went down. Bogus transaction was one of the technique used by black money holders to turn black money into white.
Action by income tax department:
The upper cap under JDA is Rs. 50, 000. But due to these startling deposits, Income tax department is going to scrutinize the deposits and take action on individual account holder with suspicious account activity. And action would be taken on individuals who used their account to deposit other’s money. It has been observed that people holding black money in cash used bank account of poor for cash depositing.
The sole objective of doing this is to prevent black money holders to make illegal use of the account.
Here are some of the key highlights of Jan Dhan Deposits after Rs. 500 & Rs. 1000 currency note ban:
87, 000 Crore: Total amount deposited within 45 days of the note ban i.e as on 01Jan2017.
41, 523 Crore: Amount deposited in Jan Dhan account between 10th November 2016 – 23 December 2016.
48 lakh bank account: Number of bank accounts in which 41, 523 Crore was deposited.
45, 637 Crore: The deposit amount in Jan Dhan accounts across India before 09 November 2016.
2, 022 Crore: Worth of cash deposited as on 30 November 2016.
Uttar Pradesh, West Bengal & Rajasthan: The highest number of deposits came from these 3 states.
3,285 Crore: The total withdrawn sum from the Jan Dhan accounts in the last fortnight.
10, 000: Maximum amount that can be withdrawn every week from the account provided the account is KYC compliant. This will put curb on black money holders wanting their money back.
5, 000: Maximum amount account holder can take out if it is a non-KYC compliant.
Many people have reported suspicious transactions. And this includes, amount worth Rs. 99, 99, 99, 394 nearly 100 crore deposited into the bank account of women from Meerut.
Rs. 9, 860,681 unknown transfer reported by grocery store owner in Uttar Pradesh.
Both these accounts have been freezed for now. And account will soon become operational.
About Pradhan Mantri Jan Dhan Yojana:
PMJDY was launched in August 2014 with a sole objective of providing zero balance bank account in every Indian household and at the same time promote financial inclusion.