New Delhi, Nov 30 (KNN) In order to check misuse of farmers and rural Jan Dhan Accounts, RBI has temporarily put a limit of Rs 10,000 a month on withdrawal.

In a statement, RBI said, “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 (SBNs) after November 09, 2016.”

As a temporary measure in respect of the PMJDY accounts, RBI has advised the banks thet sully KYC compliant account holders may be allowed to withdraw Rs 10,000/- from their account, in a month.

The branch managers may allow further withdrawals beyond Rs 10,000 within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank’s record.

Further, the limited or Non KYC compliant account holders may be allowed to withdraw Rs 5,000 per month from the amount deposited through SBNs after November 09, 2016 within the overall ceiling of Rs 10,000. (KNN Bureau)