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Deposits in Jan Dhan accounts double to Rs 87,000 cr, over Rs 3,200 cr withdrawn in last fortnight

The deposits in Jan Dhan account have more than doubled to Rs 87,000 crore in 45 days post-demonetisation.
India TV Business Desk New Delhi January 01, 2017 13:00 IST
India TV Business Desk

The deposits in Jan Dhan account have more than doubled to Rs 87,000 crore in 45 days post-demonetisation, prompting the Income Tax Department to "dissect" information relating to such deposits, a top government official said. 

Besides, the tax department also has data on small cash deposits between Rs 30,000-50,000 made in 4.86 lakh accounts totalling to Rs 2,000 crore.

Between November 10 to December 23, the total deposits in Jan Dhan accounts reported is Rs 41,523 crore in 48 lakh accounts. 

This, together with the total deposits of Rs 45,637 crore as on November 9, takes the aggregate amount in 25.5 crore Jan Dhan accounts to over Rs 87,100 crore. 

The upper limit for deposits in Jan Dhan account is Rs 50,000. 

"All these information received on Jan Dhan Accounts are being dissected. If it is found that money deposited in these accounts belong to some other persons, necessary action will be taken at appropriate time," the official told PTI. 

Cash deposits between Rs 30,000 and Rs 50,000 have been reported in 4.86 lakh accounts till November 30, taking the total deposits in such quantum to Rs 2,022 crore. 

Interestingly, the percentage of zero balance account still remains flat at about 24.13 per cent despite surge in deposits. 

The Pradhan Mantri Jan Dhan Yojana was launched in August 2014 to increase banking penetration and promote financial inclusion in the country. 

Uttar Pradesh tops the list of states with most deposits in Jan Dhan accounts, followed by West Bengal and Rajasthan.

The official further said that inflows of funds into Jan Dhan accounts was the highest in the first week after demonetisation at Rs 20,224 crore, but after that the deposits went down substantially. 

"The inflow of funds in Jan Dhan accounts after the first two weeks was below Rs 5,000 crore per week and thereafter it got reduced to about Rs 1,000 crore per week," the official said, adding that the deposits have come down significantly after the tax department warned people not to allow their accounts to be misused for converting black money into white. 

Jan Dhan accounts witnessed net withdrawal of Rs 3,285 crore in the last fortnight after a huge surge in deposits.

Prime Minister Narendra Modi had on November 8 announced junking of old Rs 500 and Rs 1,000 notes, and replaced the currency with new Rs 2,000 and Rs 500 notes. 

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. 

The directive came against the backdrop of reports that some are misusing other persons' bank accounts to convert their black money into new denomination notes. 

As per latest data available, Rs 12.10 lakh crore in form of old 500 and 1,000 rupee notes have returned into the banking system till December 12, 2016. It was estimated that now defunct notes constituted 86 per cent or Rs 15.45 lakh crore in circulation. 

(With PTI inputs)