To protect farmers and rural Jan Dhan account holders from money launderers, the Reserve Bank of India (RBI) has issued a notification saying these account holders will be allowed to withdraw only Rs 10,000 a month, as a temporary measure.
This notification applies to ‘know your customer’ (KYC) compliant Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts funded through deposits of new bank notes after November 9, 2016. On November 8, the Centre scrapped Rs 500 and Rs 1,000 notes, and a day later banks began to dispense the new Rs 500 and Rs 2,000 notes.
Those PMJDY account holders who want to withdraw more than Rs 10,000 a month, will have to furnish appropriate documents to prove why they need the money. After that, banks’ branch managers may allow individuals to exceed the Rs 10,000 a month limit.