PM Jan Dhan accounts to come under scrutiny for suspicious ₹2000 deposits

The period from May 23, 2023, to the end of September 2023, when the ₹2,000 banknotes are withdrawn from circulation, will be a time when banks closely monitor Pradhan Mantri Jan Dhan Yojana (PMJDY) /Basic Saving Bank Deposit (BSBD) accounts for any odd deposits.

To curb tax evasion and money laundering, tax authorities are set to scrutinise mass cash deposits, particularly in PMJDY accounts, amid concerns that these accounts may have been used for concealing wealth during the demonetisation period. The move comes as artificial intelligence and data analytics are deployed to detect unusual high-value purchases and deposits, especially with the September deadline for invalidating ₹2,000 notes.

The RBI’s decision to withdraw ₹2,000 banknotes from circulation has prompted heightened scrutiny of the financial transactions involving these high-value notes. Given the potential for misuse or illegal activities, the focus has turned towards the deposits made into PMJDY accounts, as they have been recognised as a preferred avenue for directing government subsidies and welfare benefits to the underprivileged.

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