The Reserve Bank of India (RBI) has issued a notification to all those who has the account in Jan Dhan. According to the notification, all those who are Jan Dhan account holders from money launderers will only be allowed to  withdraw Rs 10,000 per month. This notification is a temporary measure in order to protect farmers.

This notification applies to all those 'know your customer' (KYC) compliant Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts which are funded through deposits of new bank notes after November 9, 2016.

Previously, on November 8, the Centre had banned Rs 500 and Rs 1,000 notes. Next day banks started to dispense the new Rs 500 and Rs 2,000 notes.

All those PMJDY account holders who wish to withdraw more than Rs 10,000 per month, need to submit appropriate documents in order to prove why they need the money. After all the documents are verified, that, the bank branch managers can allow individuals to exceed the limit of Rs 10,000 per month.

All those who are either limited or non-KYC compliant PMJDY account holders will only be allowed to withdraw Rs 5,000 per month from the amount they've deposited after November 9, 2016.

"With a view to protect the innocent farmers and rural account holders of PMJDY from activities of money launders and legal consequences under the Benami Property Transaction & Money Laundering laws, it has been decided to place certain limits, as a matter of precaution, on the operations in the PMJDY accounts funded through deposits of Specified Bank Notes after November 09, 2016,"the RBI said in its notification.

Also Read: No Transaction Charge on any Bank ATM Until Dec 30: RBI

BY M. DIVYA SRI