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RBI/2016-17/165
DCM (Plg) No. 1450/10.27.00/2016-17
November
29, 2016
The Chairman / Managing
Director/ Chief Executive Officer,
Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural
Banks / Urban Cooperative Banks/ State Cooperative Banks/ District Central
Cooperative Banks
Dear Sir,
Accounts under PMJDY -
Precautions
Please refer to our circular DCM (Plg) No.1424/10.27.00/2016-16 dated
November 25, 2016 on “Withdrawal of cash – Weekly limit”. 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, the banks are advised to observe
the following in respect of the PMJDY accounts:
i.
Fully
KYC compliant account holders may be allowed to withdraw ? 10,000/- from
their account, in a month. The branch managers may allow further
withdrawals beyond ? 10,000 within the current applicable limits only after
ascertaining the genuineness of such withdrawals and duly documenting the
same on bank’s record.
ii.
Limited
or Non KYC compliant account holders may be allowed to withdraw ? 5,000 per
month from the amount deposited through SBNs after November 09, 2016 within
the overall ceiling of ? 10,000.
Yours faithfully,
(P Vijaya Kumar)
Chief General Manager
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