In a move aimed at protecting “the innocent farmers and rural account holders of PMJDY (the Pradhan Mantri Jan Dhan Yojana) from activities of money launderers and legal consequences under the Benami Property Transaction & Money Laundering laws”, the Reserve Bank of India (RBI) has placed a limit of Rs 10,000 on monthly withdrawals from Jan Dhan bank accounts.
According to the new notification, the KYC (Know Your Customer)-complaint account holders might be allowed to withdraw Rs 10,000 a month from their account, while branch managers could allow further withdrawals beyond Rs 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting them on bank record.
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