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Govt to soon make PAN must for cash spending beyond a limit

To check generation of domestic black money, the government will soon make it mandatory to furnish PAN card details for cash transactions beyond a certain threshold, Finance Minister Arun Jaitley said today.

“The government is at an advanced stage in considering the requirement of furnishing PAN card details if cash transactions beyond a certain limit are undertaken,” Jaitley said in a Facebook post.

Govt to soon make PAN must for cash spending beyond a limit

He said the monitoring regime of the income tax department has been strengthened and its capacity to access information and apply technology driven analytical tools to expose evasion, has been enhanced.

“Its ability to detect large cash withdrawals, or large cash transactions which enter the system, is being strengthened. GST regime once introduced will also be a landmark step in this direction.

“Thus for commodities like gold where the initial purchase by the exporter is after the payment of custom duty, the subsequent transactions which are mostly in cash, can easily be found out,” Jaitley said.

In 2015-16 Budget, the Finance Minister had proposed making quoting of Permanent Account Number (PAN) mandatory for all sale and purchase of over Rs 1 lakh.

“Quoting of PAN is being made mandatory for any purchase or sale exceeding the value of Rs 1 lakh. The third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions,” Jaitley had said.

Thereafter, the government had received representations from various persons, including MPs, MLAs, trade and industry associations among others, against the proposed mandatory quoting of PAN for sale or purchase in excess of Rs 1 lakh.

Stressing that bulk of black money is still within India, Jaitley said there was a need to change the national attitude so that plastic currency becomes the norm and cash an exception and the government is working with various authorities to incentivise this change.

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Cong blames police for violence, wants Anandiben to resign

Opposition Congress on Wednesday demanded resignation of Chief Minister Anandiben Patel following widespread violence sparked by the Patidar agitation, even as party president Sonia Gandhi appealed to protesters for peace.

Congress alleged police committed “atrocities” on innocent people, while trying to quell the violence triggered by the detention of prominent Patidar leader Hardik Patel. The party alleged police were given a free hand to do so by the state government at the behest of the Centre.

Cong blames police for violence, wants Anandiben to resign

Blaming the government for its “inept” handling of the situation, 20 Congress MLAs flashed placards demanding resignation of the CM on the first day of the three-day monsoon session of the Legislative Assembly. As soon as the session started in afternoon, they shouted anti-government slogans and said “curfew government must go…CM must resign”. They were led by Jamnagar MLA Raghavji Patel.

Leader of the Opposition Shankersinh Vaghela said that the CM was taking orders from Delhi to handle the situation.

“Law and order situation has completely collapsed in the state. Thus, our MLAs demanded resignation of this CM who lacks skill and experience in handling such situations. Her lackadaisical and amateurish approach is responsible for the violence,” Vaghela told reporters after the session. “This is the same community that played a key role in electing the BJP government. Now, when they are out on the streets to expose the myth behind the development model.”

Another senior leader, Shaktisinh Gohil questioned the manner in which Hardik was detained from GMDC ground where he sat on hunger strike with other members of Patidar Anamat Andolan Samiti (PAAS). “ The whole operation by the police looked like a pre-conceived strategy to incite violence,” alleged Gohil.

Meanwhile, the state Congress has cancelled its sit-in agitation outside the state Assembly that was scheduled to be held on Wednesda

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Govt formation: PDP starts consulations with its MLAs for consensus

Weighing its options carefully, PDP, the single largest party in the hung Jammu and Kashmir Assembly,

Govt formation: PDP starts consulations with its MLAs for consensus

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BJP holds veto power in J & K Jaitley

Asserting that it has several options in government-formation in Jammu and Kashmir, BJP today said it holds the “veto power” in the state.

BJP holds “veto power” in J & K: Jaitley

Finance Minister Arun Jaitley, BJP’s central observer for J&K, told reporters here that the party was actively in touch with independent and ?unattached? MLAs.