Post demonetization, the country’s Jan Dhan Yojana account’s deposits have gone up from Rs 45636 crore to Rs 66366 crores. JDY as the basic bank account facility provided to the so far unbanked people registered a growth rate in deposits by nearly 50% from November 9 onwards. Government fears that the account has been rented out for money laundering purposes to keep black money.
There are nearly 25 crore Pradhan Mantri Jan Dhan Yojana accounts in the country which were launched as a pet project of the PM. The accounts have only low KYC norm requirements especially for those who have a deposit limit of Rs 50000 or less.
Finance Minister Arun Jaitely earlier warned enquiries on propping deposits in the accounts offered for poor people. But experts raised doubts about the procedural difficulties of searching huge number of accounts handling the limited Rs 50000 deposits.
Several reports are coming from different corners of the country about misutilization of low-income peoples’ accounts for converting black money into white.