₹1.64 cr deposited in Jan Dhan accounts of nontax payers
Balance in 256 mn accounts on Nov 8 was ₹45K cr, but over ₹72K cr deposited since then
NEW DELHI: In the wake of the demonetisation of ₹500 and ₹1,000 notes and the resultant stampede to deposit and exchange old currency notes, several zero-balance Jan Dhan accounts have suddenly kicked to life — spurring taxmen into investigation.
The finance ministry said on Sunday that an about ₹1.64 crore has been deposited by individuals who have never before filed income tax returns, having reported annual incomes below taxable limits. A large number of these depositors are from Kolkata and Midnapore in Bengal, Ara in Bihar, Kochi and Varanasi. A statement issued by the ministry said ₹40 lakh has been seized from one such account in Bihar.
A total deposit of ₹72,834.72 crore have come into accounts opened under the Jan Dhan Yojana . There are 256.8 million such accounts at present. Before the demonetisation drive kicked off on November 8, the total balance in the JanDhan accounts stood at just ₹45,636.61 crore.
The flurry of deposits had prompted the government to tighten withdrawal norms from Jan Dhan accounts. A fully KYC (know your customer)-compliant Jan Dhan account holder will be able to withdraw ₹10,000 per month while those who are not KYC compliant can withdraw ₹5,000 per month.
Sources in the government have previously indicated that about 50% of the deposits that have come into the zero balance accounts opened under the Pradhan Mantri Jan Dhan Yojana, seemed “suspicious”. “We are scrutinising every account that seemed suspicious or has received an abnormally large deposit,” they said.
“We are examining..it is an ongoing process, we have found discrepancies in various Jan Dhan accounts..but if the money deposited is genuine, there is no cause for any worry,” a senior official of the revenue department told HT.
Finance minister Arun Jaitley has already said the Jan Dhan accounts will be thoroughly scrutinised. Deposits upto ₹50,000 that come into these accounts will not be subject to scrutiny. There have been reports of Jan Dhan accounts being used as so-called surrogate accounts for many who want to park their illegal cash.
The government has also urged Jan Dhan account holders not to allow others to use their savings accounts for parking their undisclosed cash.
Meanwhile, the government has directed all public sector banks to aggressively focus on opening new zero balance Jan Dhan bank accounts for daily wage earners and those engaged with the small micro and medium enterprises. People belonging to the lower economic strata have been struggling to come to terms with the government’s push for cashless transactions, with their employers unable to provide cash due to the overall currency crunch.
THE GOVERNMENT HAS FOUND DISCREPANCIES IN VARIOUS JAN DHAN ACCOUNTS. BUT IF THE MONEY DEPOSITED IS GENUINE, THERE IS NO CAUSE FOR ANY WORRY, A FINANCE MINISTRY OFFICIALSAID