Lot of people seem to have stashed their unaccounted money in these accounts
Jan Dhan accounts devised to help the poor of the country seems to be flourishing after the demonetisation move with a record high deposit of 74,610 crores according to the latest official data released by the Finance Ministry. Within a month of the November 8 announcement of high value notes demonetisation the deposits in Jan Dhan accounts surged registered a rise by nearly Rs 29,000 crore. As of 7 December, the total deposits in these accounts show a record high of Rs 74,610 crore on December 7.
The Income Tax Department has earlier reported that total deposits amounted to Rs 45,637 crore on November 9, the day from which Rs 1,000 and Rs 500 notes ceased to be legal tender, in a move designed by the government to eliminate black money, counterfeit currency and terror financing. As on the eighth day after the announcement, aggregate deposits in Jan Dhan accounts had increased to Rs 64,252.15 crore, Parliament was told during the last winter session.
Deposits in Jan Dhan accounts have grown by more than 50 per cent since the demonetisation announcement. In a release early in December, the Finance Ministry said there has been a continuous fall in deposits, after an initial surge post November 8.
“As on December 21, deposits worth Rs 71,557.90 crore had been mobilsed under the Pradhan Mantri Jan Dhan Yojana (PMJDY)” and that this scheme for financial inclusion had succeeded in opening over 26 crore accounts.
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