Inflow of Funds into Jan Dhan Accounts

Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 07 December, 2016.

PRESS RELEASE

Subject : Inflow of Funds into Jan Dhan Accounts

Since the time the Government has alerted people not to allow their accounts, particularly Jan Dhan accounts, to be used by others for the purpose of converting their black money, there has been a considerable decrease in the inflow of funds in Jan Dhan accounts. In the first week after the decision on currency notes was announced, i.e. 8th to 15th November, the total deposits received in Jan Dhan accounts was ₹ 20,206 crores. In the second week, between 16th to 22nd November, the flow was ₹ 11,347 crores. And in the third week between 23rd to 30th November, it was reduced to ₹ 4867 crores.

On 1st and 2nd December, the inflow into Jan Dhan account has now been reduced to ₹ 410 crores and ₹ 389 crores respectively. The average per account deposit in Jan Dhan accounts is ₹ 13,113/- for this entire period from 8th November to 2nd December, which is not alarming, given the need to bring all cash to banks.

The Income Tax Department has identified the local clusters and Bank branches where the inflow of Jan Dhan deposits have been more than normal, in order to investigate money deposits in Jan Dhan accounts which belonged to somebody else.

(Meenakshi J.Goswami)

Commissioner of Income Tax

(Media and Technical Policy)

Official Spokesperson, CBDT.