Inflows into Jan Dhan A/Cs decline post warning: Government
December 07, 2016 22:10
The government today said that inflows into Jan Dhan accounts have come down significantly after it warned people not to allow their accounts to be misused for converting black money into white.
The deposits in Jan Dhan accounts post demonetisation saw a sudden surge but after the Centre's warning against misusing such accounts, there has been a continuous fall in deposits in last couple of weeks.
Total amounts deposited during November 8-15 were Rs 20,206 crore, while during November 16-22, people deposited Rs 11,347 crore in such accounts. This further decelerated to Rs 4,867 crore during November 23-30.
Total daily deposit in Jan Dhan accounts was Rs 410 crore on December 1 and Rs 389 crore on December 2.
"The average per account deposit in Jan Dhan accounts is Rs 13,113 for this entire period from November 8 to December 2, which is not alarming, given the need to bring all cash to banks," said the Central Board of Direct Taxes
The Income Tax Department has identified the local clusters and bank branches where the inflows of Jan Dhan deposits have been more than normal, in order to investigate money deposits in Jan Dhan accounts which belonged to somebody else, it said.
After setting a cash deposit limit of Rs 50,000 in Jan Dhan accounts, the government had on November 18 cautioned account holders that they will be prosecuted under the I-T Act for allowing misuse of their bank accounts through deposit of black money in Rs 500/1,000 notes during the 50-day window till December 30.
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