Data Suggests Jan Dhan Accounts Were Used for Money Laundering
The government is caught in a Catch-22 situation. On the one hand, banks appear to have been the biggest laundry for unaccounted cash, with 99.3% of demonetised currency having returned to the banking system. But, on the other, it now turns out that the Pradhan Mantri Jan-Dhan Yojana (PMJDY), which is touted as a ‘boon to the poor people’ of India, was an important route for laundering this cash and depositing it in banks. Many experts had warned that this would happen, especially after the Aadhaar linkage. We now have proof.
 
The sums deposited are staggering, as revealed by Right to Information (RTI) queries by Moneylife. United Bank of India alone has admitted to a gigantic deposit of Rs93.82 crore in a single Jan Dhan account. While this was, by far, the largest deposit, several nationalised banks have also admitted to deposits running into crores of rupees in Jan Dhan accounts. 
 
The largest single deposit in Bank of India was a hefty Rs3.05 crore; Union Bank of India admitted to Rs1.21 crore; Bank of Maharashtra to Rs98.45 lakh and Dena Bank admitted to Rs94.45 lakh as the highest deposit in a single account. This information is not complete. It...
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COMMENTS

SuchindranathAiyerS

2 weeks ago

There was a frenzy of Black Money hoarders transferring cash to their servants' and poor relatives Jan Dhan accounts. The BJP's policies and implementation are noteworthy for their complete IAS and Lawyer worthy disregard of reality;

Meenal Mamdani

2 weeks ago

It is sad to see the collusion of govt / bank officials and holders of black money in this demonetization exercise.
All the various ways that the demonetization exercise was gamed were so obvious to even an ordinary person on the street. It is hard to believe that well informed bureaucrats and seasoned politicians were not able to anticipate these methods and create appropriate mechanisms to detect and prevent these scams.
The sad reality in India is that the people have been swindled by almost all political parties so the only recourse available to them is to kick out the scoundrels every five years hoping that the incoming scoundrel will be a little more careful this time and not indulge in brazen theft.

Shankar Pachari

2 weeks ago

The best response is from Bank of Baroda. "No such data is maintained". Ignorance is bliss.

ksrao

2 weeks ago

All bank officials who allowed the balance in any Jan Dhan account to exceed Rs.50,000 should be punished. The massive return of black money to banks and their conversion into white money could not have taken place without the collusion of bank officials, who also must have made lot of money for themselves. Since the present demonetization has been just a tamasha, now Rs.2000 notes should be banned and the mistakes made in the past should not be allowed to be perpetrated in the new note ban exercise. Money supply should be flooded with small notes only, which are not very profitable for counterfeiters to fake and for black money creators to carry.

Rupee at 72 against US dollar: The Pain Might Not Be Over Yet, Says SBI
The Indian rupee on Thursday breached the 72 per US dollar mark for the first time. The depreciation in Indian rupee is largely in consonance with US dollar strengthening against all currencies. Since the Indian rupee could not have been immune to such pressure, the current depreciation was long overdue and trends in Non-deliverable forwards (NDF) market suggest the pain might not be just over yet, says a research report.
 
In the note, State Bank of India (SBI) says, "In the hindsight, the rupee depreciation of 13% in 2018 and around 7% since June 2018 when the RBI started hiking rates is largely in consonance with the US dollar strengthening against all currencies. We analysed the movement of rupee against dollar since global financial crisis period and it is quite visible from the data that depreciation was always followed by appreciation of currency. We believe this time will be no different as currency will start appreciating once the dust settles for the currency to settle at a lower level."
 
The Indian rupee has now depreciated by 7% from June 2018, when the Reserve Bank of India (RBI) started hiking rates and close to 13% in 2018. "Thus, by any...
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Rupee breaches 72/$ mark for first time
The Indian rupee breached the 72 per US dollar mark for the first time on Thursday.
 
Around 1 p.m., the rupee traded around 72.05 per dollar, against Wednesday's closing of 71.76 per greenback.
 
According to analysts, the fall in the rupee is due to the Sino-US trade tensions along with high crude oil prices and outflow of foreign funds.
 
Finance Minister Arun Jaitley on Wednesday said external factors have caused the depreciation of the rupee.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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