Jan Dhan Account Deposits Doubled in 45 Days Since Demonetisation

The doubling of deposits in Jan Dhan accounts has prompted an official to say that all information will be dissected

Between November 10 and December 23, a total of Rs 41,523 crore has been deposited in 48 lakh accounts. (Photo: iStock)

Deposits in Jan Dhan accounts have more than doubled – to Rs 87,000 crore in 45 days post demonetisation – prompting the tax department to "dissect" information relating to such deposits, a top government official said.

Besides this, the tax department also has data on small cash deposits between Rs 30,000-50,000 made in 4.86 lakh accounts totalling Rs 2,000 crore.

Between 10 November and 23 December, a total of Rs 41,523 crore has been deposited in 48 lakh accounts. This, together with the total deposits of Rs 45,637 crore as reported on 9 November, takes the aggregate amount in Jan Dhan accounts to over Rs 87,100 crore.

Deposits Have Reduced Since Tax Department’s Warning

All the information received on Jan Dhan accounts is being dissected. If it is found that money deposited in these accounts belong to some other persons, necessary action will be taken at an appropriate time.

<b>Government Official to PTI</b>

Cash deposit between Rs 30,000 and Rs 50,000 have been reported in 4.86 lakh accounts till 30 November – taking the total deposits in such quantum to Rs 2,022 crore.

The official further said that inflows of funds into Jan Dhan accounts were the highest in the first week after demonetisation – at Rs 20,224 crore – but after that, the deposits went down substantially.

"The inflow of funds in Jan Dhan accounts after the first two weeks was below Rs 5,000 crore per week and thereafter it reduced to about Rs 1,000 crore per week," the official said, adding that the deposits have come down significantly after the tax department warned people against letting their accounts be misused for converting black money into white.

Prime Minister Narendra Modi had on 8 November announced the junking of old Rs 500 and Rs 1,000 notes, and replaced the currency with new Rs 2,000 and Rs 500 notes.

After setting a cash deposit limit of Rs 50,000 in Jan Dhan accounts, the government had on 18 November told account holders that they would be prosecuted under the I-T Act for allowing misuse of their bank accounts through deposit of black money in Rs 500/1,000 notes during the 50-day window till 30 December.

According to the latest available data, Rs 12.10 lakh crore in the form of old Rs 500 and Rs 1,000 notes have returned to the banking system – until 12 December 2016. It was estimated that the now-defunct notes constituted 86 percent or Rs 15.45 lakh crore in circulation.