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    Jammu KashmirDubious cash transitions in JK under IT Dept scanner

    Dubious cash transitions in JK under IT Dept scanner


    Dubious cash transitions in JK under IT Dept scanner

    ‘Action against tax defaulters after Dec 31'

    Srinagar, Dec 19 : The Income Tax department Monday said that they are closely watching the doubtful cash transitions in and and that many people are under scanner, against whom the details are being collected.

    “We have decided to take action against tax defaulters in Jammu and Kashmir after December 31 once the process for depositing old notes of Rs 500 and 1000 in bank accounts gets completed. There are many people under scanner against whom the details are being collected,” one of the top officials of the Income tax department told.

    The officials said that I-T department will know the exact number of tax defaulters after December 31 after which action will be taken against them as per the law. Sources said that Income Tax Department and some Agencies are also keeping vigil on the roles of some bank officials in Jammu, Srinagar, Anantnag and Baramulla and in some other districts of the state who are suspected of facilitating bulk and improper exchange of old currency notes with large quantities of new currency notes. Officials are also aware of some sort of nexus being run in Jammu and Srinagar for exchanging old currency with news currency on 10-15 per cent commission in the market also.

    He said that there are reports that doubtful cash deposits have been made in the Jammu and Kashmir after8th November when the demonetization was announced by the Prime Minister. “I can say that Income tax department is initiating examination of the accounts, where the cash deposits have been done over 2.50 lakes including the accounts opened under Jan Dhan Yojana,” the official maintained.

    He said that it has also been reported that various dubious transitions have been carried by channelizing the money transfers from one account to another account.

    Sources said that Income tax department is also under instructions from the central government to examine doubtful accounts in Jammu and Kashmir with the banks were payment beyond 2.5 laks have been deposited in cash including those accounts, where such cash have been deposited under Jan dhan yojna.

    Sources said that a full report is being sought from banks on anyone who has deposited more than 2.5 lakhs. “Any investment that is not comprised of clean money is liable to be under action by the Income Tax department. There is absolutely no tolerance for black money and we will carry out any investigation necessary,” said one of the sources of IT department.

    Sources added that it was found over the last three weeks in Jammu and Kashmir that huge amount of money deposited in the bank outlets was in old notes of Rs 500 and Rs 1,000 denominations, which raised eyebrows.

    They said that it was suspected that some people were clearing l stash of black money by replacing small denomination currency with their demonetized currency at the end of each day.

    Sources said that the rough estimate of the total volume of the deposits in different branches of all the banks operating in Jammu and Kashmir was around Rs 7 ,000 crore.

    Sources said that Intelligence Bureau, and Income Tax Department have already deployed their men in different bank branches to collect information on day-to-day basis.

    The intelligence agencies believe that some people especially in Kashmir division have roped in scores of their acquaintances who deposit cash below Rs 2,50,000 each in their accounts to escape the IT eye.

    The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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