The Reserve Bank imposed certain restrictions on withdrawal if more than
Rs 2 lakh has been deposited after November 9 in an account which has a
balance of over Rs 5 lakh.
Mumbai: Tightening the noose around people who misused banking channels
to park unaccounted money, the Reserve Bank on Thursday imposed certain
restrictions on withdrawal if more than Rs 2 lakh has been deposited
after November 9 in an account which has a balance of over Rs 5 lakh.
As per a RBI notification, withdrawal or transfer of funds will not be
permitted in accounts without quoting of PAN or submission of Form 60
(persons who do not have PAN).
The Reserve Bank also said monthly withdrawal limit of Rs 10,000 will be
maintained even if a 'small account' has witnessed increase in annual
permissible deposit of Rs 1 lakh.
The notification follows after it was brought to the notice of the RBI
that "strict compliance" with KYC (Know Your Customer) provisions is not
being ensured in some cases.
In respect of KYC compliant accounts where the required Customer Due
Diligence (CDD) procedure has been complied with, RBI said banks and
NBFCs should ensure compliance regarding quoting of PAN/obtaining of
Form 60 for all transactions.
"No debit transaction, transfer or otherwise shall be allowed in
accounts which do not comply with the above mentioned requirements.
"To begin with, this rule shall be strictly applied in accounts where
both the thresholds listed -- (i) balance of rupees five lakh or more;
and (ii) the total deposits (including credits by electronic or other
means) made after November 9, 2016, exceed rupees two lakh," RBI said.
RBI further said if any account is rendered ineligible for being
classified as a small account due to credits/balance in the account
exceeding the permissible limits, withdrawals may be allowed within the
limit prescribed for small accounts.
The monthly limit for withdrawal and transfer from a small account is Rs
10,000. Also, aggregate of all credits in a financial year cannot
exceed Rs 1 lakh.
Basic Savings Bank Deposit Accounts (Jan Dhan accounts are akin to
BSBDAs), which are not KYC compliant accounts are to be treated as
'small accounts', the RBI added.
Government demonetised old Rs 500/1000 from November 9.
Earlier, RBI had asked banks to strictly follow norms while allowing deposits in dormant accounts.
There have been reports some people misused Jan Dhan and dormant accounts to deposit unaccounted money following demonetisation.
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