Most deposits in Bengal, where Mamata is leading charge against demonetization. There has been a 46% surge in deposits in Jan Dhan accounts since the demonetization move, giving credence to suspicion that they are being misused to launder black money.
A massive sum of Rs 21,000 crore has flowed into accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) in the two weeks since the government withdrew Rs 500 and Rs 1,000 notes.
On November 9 – the demonetization came into effect at 12 midnight following Prime Minister Narendra Modi's announcement on the evening of November 8 – the balance in about 25.5 crore such accounts was Rs 45,636.61 crore. It has since jumped an estimated 46 per cent to Rs 66,636 crore, finance ministry sources have revealed.
West Bengal leads the pack of states which has seen the highest deposits so far, followed by Karnataka, they added.
The surge in deposits has given rise to suspicion that black money hoarders could be using their staff and other poor people as mules to launder their cash.
One Jan Dhan account holder told DNA on condition of anonymity that 20 per cent commission was being offered to those willing to deposit money into their accounts. With the government declaring that deposits up to Rs 2.5 lakh would not be questioned, there are instances of Jan Dhan account holders being enticed to put the money and keep a percentage when they finally withdraw it.
Launched on August 28, 2014, Jan Dhan accounts can have deposits up to Rs 1 lakh a year. Those accounts that don't adhere to Know Your Customer norms have a lower limit Rs 50,000.
Of the 25.51 crore Jan Dhan accounts, 23.27 per cent had no money in them – amounting to 5.86 crore zero-balance accounts.
Finance Minister Arun Jaitley has said that the government is looking into money that has "popped up" suddenly into the zero-balance accounts. "We are getting some complaints that suddenly monies have popped up in the Jan Dhan accounts, so there is a misuse…," he had said.
Income tax sources said they are monitoring unusual deposits in all accounts, including Jan Dhan accounts. All Jan Dhan accounts which have deposited more than Rs 50,000 in the last 15 days are on the radar.
However, there is also the view that the Jan Dhan account holder can get away by saying that the amount represented his/her life savings that were kept at home.
During his recent Agra rally, the Prime Minister had asked the poor to not allow the misuse of their accounts.
BLACK TO WHITE: HERE'S HOW THEY'RE DOING IT
Paying a commission, about 20%, to a Jan Dhan account holder for depositing the black money
Donating to a temple, then collecting it after paying the priest a commission
Back-dated fixed deposits in cooperative banks and credit societies
Approaching the banknote mafia to collect at least 50% back
Paying four-five months salaries in advance
Booking and cancelling air/train tickets
Professional money laundering firms
Using farmers as agri income is not taxed.
Using political parties as donations up to Rs 20,000 is permitted
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