Jan Dhan Accounts to circumvent demonetisation? Rs 21,000 Cr deposited in two weeks

November 24, 2016, 11:14 am
Jan Dhan Accounts to circumvent demonetisation? Rs 21,000 Cr deposited in two weeks
BUSINESS NEWS
BUSINESS NEWS
Jan Dhan Accounts to circumvent demonetisation? Rs 21,000 Cr deposited in two weeks

Jan Dhan Accounts to circumvent demonetisation? Rs 21,000 Cr deposited in two weeks

The Pradhan Mantri Jan Dhan bank accounts, a flagship programme started by Narendra Modi government for the poor, has shown a sudden spurt in the deposits in the last two weeks. This has raised serious questions whether a government programme is meticulously used to get around another programme. Over the last two weeks a whooping Rs 21,000 crore was deposited in the Jan Dhan Accounts.

It may seems ironical but Bengal tops the list of states that saw spurt in deposits. Bengal chief minister Mamata Banerjee is one of the vocal critics of the demonitistion programme. She has unleashed criticism against the Modi government ever since the prime minister announced demonetisation programme. The CPI (M) has accused the ruling Trinamool Congress depositing illicit money in the banks after demonetisation, including in cooperative banks.

Congress ruled Karnataka comes second to Bengal with regards to deposits in the Jan Dhan accounts.

According to report in Economic Times, if the current trend continues the deposits in the Jan Dhan account may surpass the Rs 65,000 Cr that was collected from the income disclosure scheme concluded recently. There are approximately 25 Cr Jan Dhan accounts across the country.

Finance Ministry officials have already told that they will be keeping a close watch on the unprecedented rise in Jan Dhan accounts.

Economic Times quoted an anonymous source in the finance ministry who said the Benami deposits will be prosecuted under Benami legislation where benami assets will not only be confiscated but the offender can be send to jail for up to seven years.

Prime minister Narendra Modi has also warned against renting Jan Dhan accounts for laundering black money.