Jan Dhan inflows decline after govt alert on converting black money

Ministry of Finance on Wednesday said that after the Government alerted people to not to allow others, particularly Jan Dhan accounts, for the purpose of converting their black money, there has been a decline in the inflow of funds in Jan Dhan accounts.

Giving the figures, the Ministry said that in the first week after the demonetisation announcement, which was November 8 to November 15, the total deposits received in Jan Dhan accounts was Rs 20,206 crore. 

In the second week, which was between November 16 to November 22, the flow was Rs 11,347 crore and in the following week, which was November 23 to November 30, it reduced to Rs 4867 crore, the Ministry said.

On December 1 and December 2, the inflow into Jan Dhan account was reduced to Rs 410 crores and Rs 389 crores respectively.

"The average per account deposit in Jan Dhan accounts is Rs 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 Ministry added.

Moreover, the Ministry also said that 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 these accounts which belonged to somebody else.