Deposits Under Tax Exemption Limit May Not Draw I-T Scrutiny / %#$ (.
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SPORTS NEWS PAGE 9 K K WORLD NEWS PAGE 8 ENTERTAINMENT - PAGE 10 M M Raja Krishnamoorthi heading Play with us or compensate: Did Sonam Kapoor take a sly Y Y C C to U.S. Congress PCB threatens BCCI dig at Deepika Padukone over her Hollywood career DAILY Price 2.00 Pages : 12 JAMMU THURSDAY | NOVEMBER 10 , 2016 | VOL . 31 | NO. 309| REGD. NO. : JM/JK 118/15 /17 | E-mail : [email protected] | epaper.glimpsesoffuture.com ///"%$&)+ +(!!-,-* (& Deposits under tax exemption limit may not draw I-T scrutiny / %#$(. Housewives, farmers and J&K Bank those whose annual income is Gold at 3-yr high on black within the tax exemption lim- branches to it may not be hounded by tax authorities for depositing up remain open to Rs 2.5 lakh of the now-de- money crackdown, global cues funct higher denomination on Saturday & currency notes in bank ac- / %#$(. counts, a top government offi- Sunday cial said on Wednesday.After Gold prices today shot up withdrawing Rs 500 and Rs to 3-year high of Rs 31,750 per ,!! )(*, * 1,000 notes from circulation, ten gram, gaining a whopping *$'"*(. the government allowed indi- Rs 900, following the govern- viduals to deposit the same in ment's scrapping high-denomi- Following Reserve their bank accounts till nation notes to curb black Bank of India (RBI) direc- December 30 and get smaller money and a firming trend tions, J&K Bank Business denomination ones or new Rs overseas in view of Donald Units (Branches) and of- 500 and Rs 2,000 bank Trump's victory in US presi- fices will remain open for notes.These deposits, howev- dential election.In a surprise public transactions this er, will be scrutinised to catch move, the government banned Saturday (November 12) tax evaders and black money Rs 500 and Rs 1,000 currency and Sunday (November holders. But those falling notes in a bid to curb black 13). within the income tax exemp- money.It was gold's highest This step has been tion bracket Rs 2.5 lakh need closing level of Rs 31,820 after taken to meet the antici- not worry regarding their November 19, 2013 in the bul- pated heavy demand from cash deposits in banks except lion market here."The bullion demand has got a boost as people having huge funds in cash, were the general public for for suspicious cases, the offi- seen converting their wealth into gold as a safe-haven", said Rakesh Anand, a Delhi-based jew- their banking transac- cial said.In a surprise move, eller, reflecting the market mood.Moreover, the rupee weakening against the US dollar by 23 tions after the govern- Prime Minister Narendra paise to 66.85 (intra-day) at the forex market, made dollar-quoted precious metal expensive. India ment announced demone- Modi last night announced de- imports huge quantities of gold to meet domestic demand.Sentiment also got a boost after gold tization of Rs 500 and Rs 1000 notes. monetisation of Rs 1,000 and posit Rs 2-3 lakh, but those lending."It will have an im- For smooth replacement, cash jumped nearly 5 per cent in global market to its strongest in more than five weeks as investors Notably, J&K Bank Rs 500 notes with effect from who are going for high-value pact on inflation as well as tax for cash will be rationed be- sought safe havens in view of Trump's victory over Democrat Hillary Clinton in the US has already geared up all Wednesday to fight the men- deposits, disclosures will be buoyancy. Cash for lending cause if you allow an indefi- election.Investors have been diverting funds from stock markets, which were down amid US elec- its resources to extend ace of black money, fake cur- sought by the tax depart- will also increase. Mid-term nite amount, there could be a tion trends since morning, to bullion.Gold in Singapore, which normally sets the price trend in convenient and hassle rency, corruption and terror ment."Listing three major both direct and indirect taxes run-on the banks.According the market here, soared as much as 4.8 per cent, the biggest intra-day surge since June to USD free services to the gener- financing."Housewives can positives of the government's will go up," he said."Official to a source, the entire replace- 1,337.38 an ounce.Silver also reclaimed Rs 45,000 per kg mark by registering a steep rise of Rs 1,150, al public particularly re- deposit up to Rs 2.5 lakh and move, the official said over size of the economy will in- ment currency will be there largely in tandem with global trend as money flew to safe-haven investments following melting garding deposit/ex- pay no tax. There could be medium to long term, it will crease dismissing fears of over the next 3-4 weeks.On the global equities.On the domestic front, gold of 99.9 and 99.5 per cent purity rallied by Rs 900 each to change of Rs500 and problem if one goes to deposit help increase official size of cash crunch. Instead of spend- rationale of introducing new Rs 31,750 and Rs 31,600 per 10 gram, a level last seen on November 19, 2013. Sovereign also shot up Rs1000 currency notes, Rs 20 lakh," the official the economy, improve tax col- ing cash, you can spend Rs 2,000 notes, the source said by Rs 200 to Rs 24,700 per piece of eight grams.In a similar fashion, silver ready surged by Rs 1,150 which stand invalid from said."Tax officials are not go- lection and provide more re- through bank account, since 86 per cent of the high- to Rs 45,000 per kg and weekly-based delivery by Rs 1,225 to Rs 44,275 per kg. Silver coins too November 8. ing to go after those who de- sources to banks for onward cheque, or electronic means... value currency was lying idle, See Gold on page 11 One year on; SIC Man found Normal life remains HC declare Nov 14 dead with disrupted in Kashmir as Holiday continues to be headless bullet *.$ &&-(. *$'"*(. constitution of SIC was very essential when the selection committee consist- for ensuring good governance.Former ing of CM , Leader of Opposition , and injuries State High Court declared State Information Commission Chief Information Commissioner one cabinet Minister nominated by *$'"*(. November 14, 2016 as Holiday in (SIC), a primer institutions aimed to (CIC) G R Sufi had earlier revealed that CM recommends the suitable candi- See HC on page 11 curb corruption in the State through he spoke to Government several times date. The elected government must ini- A man was today found its flow of information, continues to re- to appoint Information Commissioner tiative the process in interest of public dead with bullet injuries in Four girls injured in road main headless even after the new gov- after Dr S K Sharma retired from the and large and appoint CIC and another his chest in Pattan area of ernment was formed on April 4, this Information Commission last year in Commissioner,” he added.“It is very north Kashmir's Baramulla mishap at Shashtri Nagar year.The delay by authorities to initi- October.“After retirement of State sad that the elected Government could district, police said. ate the process for appointment of new Chief Information Commissioner not short list the names of probable &&-(. Bullet-riddled body of *$'"*(. chairman and other members is allow- (CIC) G R Sufi and Dr S K Sharma, the Information Commissioners after Dr S Zakir Hussain Badoo was ing RTI Act to die silent death.The for- State Information Commission (SIC) K Sharma retired in October 2015. Atleast four schools girls wound- recovered on the outskirts Normal life across Kashmir remained affected for the 124th mer CIC, GR Sufi, completed his term has almost become defunct and this is They had almost 3 months until death ed when a speedy car hit them here at of his Mehmoodpora village consecutive day today due to the separatist-sponsored strike. on February 29 this year while the post creating a big hurdle for non imple- of Chief Minister Mufti Mohammad Shashtri Nagar.Police said that the in Pattan area, 30 kms from Schools, shops and other business establishments re- of one State Information mentation of RTI Act. Lots of cases are Syed to appoint new Information students of Shiksha Niketan here, on Srinagar- mained closed due to the strike called by the separatist groups Commissioner was already vacant.As pending before Information Commissioner. But now we demand See Four on page 11 Baramulla National including both factions of Hurriyat Conference and JKLF. the state was under Governor’s Rule at Commission. One commissioner alone immediate appointment of these posts Highway this morning, a However, some semblance of normalcy was seen in some ar- Two killed, one soldier the time CIC retired, it was not possible can't do justice with so many pending “said Balvinder Singh Convener of police spokesman said. eas of the city with brisk movement of private and public trans- to appoint new one due to procedure to appeals and complaints. Jammu based Sangharsh RTI "The body has gunshot port, except buses, officials said. injured in Kathua be followed for his (New CIC) appoint- We appeal Chief Minister Movement.Presently, the SIC has only wounds in the chest.Post- They said shops were open in civil lines area of the city and ment.The need to appoint new CIC and Mehbooba Mufti for her immediate in- one Commissioner.“The delay in ap- mortem of the deceased is in some rural areas as well.