Nov 132016

Government to keep eye on Jan-Dhan accounts for large deposits

As Prime Minister recently banned the higher values currency Rs.500 and Rs.1000 notes. It create a big tension in the middle of those people have black money and who had not paid tax on time. These people are trying to find out solution of the problem which they are facing because of this ban. A few of them think that they can save them from income tax officer inquiry by depositing their 500 and 1000 notes in Jan-Dhan account.

Government to keep eye on Jan-Dhan accounts for large deposits

Witnessing High Cash Flow in Jan-Dhan Bank Accounts

In literal the Pradhan Mantri Jan-Dhan Yojana is for poor people. But after seeing that fraud people are going to take benefit of this Pradhan Mantri Jan-Dhan Yojana, government plans to look into cash deposits in bank accounts opened under the Pradhan Mantri Jan Dhan Yojana. High authority said that if bank find a large inflow in any of Jan Dhan account then inquiry will be done by authorities.

According to the reports received from trustable sources, there are around 25 crore Jan-Dhan accounts all over the India. Govt said that if there is suddenly a big “deposits in Jan Dhan accounts in one area, we will find out where this cash has come from. As al the processing in banking are monitor by camera and live video recording is done in all the banks so it is easy to identify the fraud peoples.

Reason Behind this Fraud

  • Since, the government announced its state of tracking the cash deposit which is above the threshold limit of above Rs.2.5 Lakhs. People are seeking the leaks available to get themselves hide.
  • The Account holder of Jan-Dhan which are experienced the sudden cashflow have be approached with cash bribes in order to do the cash deposit in their respective accounts.

As the maximum limit of deposit in Jan Dhan account is 1 lakh and if somebody deposit more than this amount then the threshold limit, RBI ask the entire bank to keep their eyes on such kind of peoples.

So it is clear that govt is fully ready to deal with fraud people who had not deposit their tax on time and to people who have income from illegal activities. So now it is duty of every Indian that co-operate with govt so that our society will be free from the frauds.

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