Jaipur city has recorded the maximum transactions in Jan Dhan accounts, in the first fortnight of demonetisation. The Pink city has received Rs 47,201 crore in the accounts. This amounts to nearly 87 per cent of the Rs 53,770 crore all-India transactions, in the first two weeks of demonetization.
The city has beaten Delhi, Bombay, the financial capital of India as far as the Jan-Dhan deposits are concerned.
The Rajasthan capital has emerged as the top hub for converting old currency from the demonetization annoucnemnt(November 8th), reveals the Financial Intelligence Unit (FIU) report, a specialized agency that works under the Finance ministry to monitor suspicious and unusual bank transactions.
Moreover, Jaipur witnessed as massive as 30,542 of the total 35,000 transactions across India. Jaipur is followed by Kolkata, New Delhi and Chennai. Of these 30,542 transactions, 11,000 transactions do not have PAN (permanent account number), ministry sources reported to a media agency. Kolkata, witnessed a deposit of Rs 720 crore deposited in the same period, and Delhi, with Rs 197 crore.
In his recent public rallies, Prime Minister Narendra Modi has been suggesting to the poor to not allow misuse of their Jan Dhan accounts. Those who had deposited money this way should not return it, he said in his statement at Moradabad.
A Jan Dhan account holder said that people were ready to convert black money into white on a commission of 20-30 per cent. Owing to the Income limit of Rs. 2.5Lacs declared by the government, people are resorting to various means to get their money converted. The Jan-dhan account holders are being highly approached by those with surplus cash(un-accounted). However, this service doesn’t comes free. A commission of anywhere between 20-30% is being charged at the time of withdrawal.
If the rumours are to be believed, the commission rate is likely to be slashed down to 10-15%.
Invariably, Indians always find their way around to crackdown any amount of regulations which may have been imposed on them. Quite shrewd advantages of the loopholes of the system! However, the incumbent government makes sure that there is no scope of lacuna’s in the government policies.
