Jan Dhan accounts used to launder Rs 42187 crores: Former Finance Minister P Chidambaram

Last Updated: Fri, Nov 02, 2018 16:37 hrs
P Chidambaram

Former Finance Minister P Chidambaram on Thursday alleged that Pradhan Mantri Jan Dhan Yojana accounts were used to launder money during demonetisation. 

He said that these accounts had deposits of Rs 42,187 crores [Rs 421.87 billion]. The deposits were made during demonetisation.

"It is now common knowledge that the Jan Dhan accounts were used to launder money after demonetisation. A humongous sum of Rs 421.87 billion was deposited in Jan Dhan accounts between November 8, 2016 and December 30, 2016."

"Initially, the Finance Minister threatened legal action (12 November 2016), but the Finance Secretary ruled out any investigation on the grounds it would be a "time consuming process". United Bank of India alone had 11,80,000 Jan Dhan accounts with over Rs 1 lakh so-called 'savings'," Chidambaram was quoted as explaining reporters.

"Jan Dhan Yojana is another jumla and an exercise in mass deception by PM Modi and his government. The funds were supposed to be cost-free for struggling banks, but they are required to bear the cost of the accounts..."

"Instead of pursuing genuine financial inclusion, the Modi government's aim appears to be to break records and grab headlines. When the Modi sarkar speaks of Jan Dhan accounts, it conveniently and deliberately ignores the 25 crore accounts created before 2014," he said.

Chidambaram also said that Jan Dhan accounts were an idea started by the UPA government. He said there were no complaints with the BJP for claiming credit for the accounts opened during the UPA government, "but the kind of boast, self boast you are making on Jan Dhan, I am trying to show these boasts of no truth at all."

With Agency Inputs

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