Jaitley the Consequences Under the Black Money Hoarders
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SPORTS NEWS PAGE 9 K K WORLD NEWS PAGE 8 ENTERTAINMENT - PAGE 10 M M Modi has imposed 'unde- Priyanka Chopra had a Y Y Aussies need to identify big C C clared economic emergency' moments in Tests: Gilchrist FACEPALM moment after Mayawati watching this old movie scene DAILY Price 2.00 Pages : 12 JAMMU FRIDAY | NOVEMBER 11 , 2016 | VOL . 31 | NO. 310 | REGD. NO. : JM/JK 118/15 /17 | E-mail : [email protected] | epaper.glimpsesoffuture.com +++! "%''$)()&$" Keep eye on cash-focused Tax dept not to hound small depositors: Jaitley the consequences under the black money hoarders. tax laws," Jaitley said at the "Whether that will be totally markets, hawala traders: Economic Editors' confer- eliminated in future that I ence. cannot say today, but certain- Revenue Secretary ly it would be disincen- Hasmukh Adhia said yester- tivised". day that only cash deposits of Observing that tempo- DGP to officers over Rs 2.5 lakh in bank ac- rary hardship is no reason to counts will be scrutinised by perpetuate a system where & #&$* the tax department and in black money prospers, he said case of mismatch with I-T re- people should be prepared for In the wake of the demonetisation of Rs 500 and Rs 1,000 turns, tax plus 200 per cent a "temporary short-term notes, Jammu and Kashmir has directed officers to keep penalty would be levied. hardship in order to have a far close watch on persons masking hawala money by convert- The government has al- cleaner and better system for ing large cash hoards into formal books of accounts. lowed citizens to deposit in the future". "Close watch would be needed on cash-focused markets their bank accounts old cur- He said RBI and banks are and traders in bullion, hawala, precious stones, real estate rency of Rs 500 and Rs 1,000, taking all steps necessary to markets, forex traders etc, where efforts could be made to which has been declared in- ensure that minimum incon- convert large cash hoards onto formal books of accounts, valid in the country's biggest venience is faced by people masked as genuine traders," Director General of Police crackdown on black money, while trying to ensure that at (DGP) K Rajendra, said in an order directed to all SPs. corruption and counterfeit the earliest, the requisite cur- Several possibilities need to be factored while making notes, between November 10 rency is available. necessary security or law and order arrangements over the and December 30. "We do believe that there issue."Crowds/mob might gather at and near permitted On whether the demoneti- is no need to rush in the initial cash collection points, hospitals, grocery shops, travel sation of Rs 500/1000 notes days because people have a lot points etc from today onwards creating situations of law will help weed out black mon- of time till December 30. and order. ey, Jaitley said this is not an Therefore, the more the de- "Crowds at ATMs and banks, especially from November isolated initiative and the de- posits and exchange are !" # " 10, when they open where cash stocks are expected to run cision has to be seen in the spread out, the more will be out faster than cash vans can supply, would also need to be + ! $* making small deposits, no- backdrop of various steps be- the convenience to people it- watched for any possible undesirable activities," the state's body will face any question or ing taken including GST roll self," he said. top cop said in the order issued last evening. Assuring people that tax- harassment of any kind. out. There will be a few days of He said resentment by vested interests leading to law man will not hound those People who have small "You will have the curren- inadequacies of currencies and order issues would also need to be monitored closely. making small deposits in amount of cash at home for ex- cy squeeze that will take place and some impact on local pur- "With the harvesting seasons, farmers may gather at lo- scrapped Rs 500/1,000 curren- igencies and emergencies, because a lot of static curren- chases, but in the medium and cal grain markets to sell their crops and might seek immedi- cy, Finance Minister Arun they can deposit that in their cy is not going to come back long run, the overall impact of ate payments. Such places could also become points of law Jaitley today advised them account. And the revenue de- into the market. You have the the recent steps that we have and order situations . not to throng banks as there is partment is not going to take GST which will be implement- taken on the economy will be There could be disputes if vendors refuse to accept high enough time to exchange the notice of small depositors," ed, which is a far more effec- positive, Jaitley said. denomination currency of customers asking for exchanging junked notes. Jaitley said. tive system where tax evasion "In short run it (consump- Rs 500 and Rs 1,000 for small purchases, the order reads. He said however that He added that deposits will be much lower and com- tion) could (be affected). The DGP asked all district Superintendents of Police to those depositing large within the tax exempted limit pliance will be much higher. Eventually a very large part of ensure that all the required security or law and order amounts of unaccounted mon- can always be made within You have parallel movement this currency which is being arrangements are put in place at all depositing points and ey will have to face the conse- the banking system without to rationalise your direct tax removed was also lying static other such places where huge public rush is expected. quences under tax laws, any questions being asked. rate," he said. and therefore, once over the "The concerned SHOs (Station House Officers) must which provide for tax and a "It's only people with large Jaitley said the collective next few weeks replacement maintain proper watch and ensure that no untoward inci- " 200 per cent penalty. amounts of undisclosed impact of these steps will act takes place, the current dent takes place," Rajendra said. " "With regard to people monies who will have to face as a great disincentive for See Tax on page 11 Demonetisation: I-T Yasin Malik conducts raids in detained ahead of Gurpurab: Sikh body Delhi, Mumbai, others separatists march urges separatists to People mob banks to exchange spiked currency + ! $* & #&$* cancel Nov 14 protest + ! $* bank disbursed all its cash by The Income Tax department today con- 3.30 p.m. "They are still not will- ducted multiple raids in Delhi, Mumbai and Jammu and Kashmir & #&$* Millions of anxious people ing to go. A couple of them began other cities in the wake of reports of alleged Liberation Front chairman with Rs 500 and 1,000 notes fighting with me." profiteering and subsequent tax evasion by Mohammad Yasin Malik was A sikh organisation today ap- mobbed banks across India Similar scenes played out at traders by converting withdrawn currency today taken into preventive pealed the separatist leaders in throughout Thursday to ex- nearby Kotak Mahindra and notes in an illegal manner. custody ahead of the sepa- Kashmir to withdraw the change or deposit them after the Canara Bank where people ar- Interestingly, the operations (surveys) ratists call for march to Jamia See Sikh body on page 11 government declared them ille- gued with bank officials to let were launched from the evening as the tax- Masjid this evening.Malik gal tender.Thousands began as- them in."I have no cash since man wanted some hard cash to get accumu- was taken into custody by a Gold, silver slip on sembling outside banks even be- yesterday. Will anybody make lated at the payment counters to make the ac- police party from his fore they opened after Prime them understand the hardships tion effective.Officials said the operations Maisuma residence this after- reduced demand Minister Narendra's Modi's sur- I have gone through in the last are being carried out at least at four locations noon, a police official prise announcement on two days?" shouted Rama in the national capital including popular )" $* said.Although the official did Tuesday aimed at curbing black Krishnan, an HR executive with market places like Karol Bagh, Dariba Kalan not cite any reason for Malik's money, corruption and terror fi- a tech company.However, many and Chandni Chowk, three locations in Gold tumbled by Rs 585 per 10 detention, it is believed to be nancing.People jostled to get banks worked till late. An offi- Mumbai and few others in Chandigarh and grams at the bullion market here to- part of the government strate- lower denominations or new cial of HDFC Bank in Delhi's Ludhiana.Till reports came in, similar sur- day following reduced demand from gy to foil the separatists currency notes as a sweeping Model Town said they disbursed vey operations by I-T authorities are also un- stockists and retailers coupled march to Jamia Masjid to- cash crunch caused all round "lakhs of rupees to desperate halved this amount to cater to scrounge for smaller notes and derstood to have been launched in two south See Tax on page 11 day.The separatist leadership chaos and inconveniences to customers" till late evening but most of the customers.Anil even coins to buy basic food Indian cities.Sources said the department -- which includes Malik and buy even simple daily essen- could not cater to all.