Like our Facebook Page

news details

Taxation down by 3% due to floods, treasuries drying up in JK 1/21/2015 11:01:02 PM Bashir Assad Early Times Report Jammu, Jan 21: Unprecedented as it is, the Jammu and Kashmir treasuries are empty for last seven days as no money was received during this time through local receipts. According to the Finance Department officials, the state realises taxes to the tune of 6 to 7 thousand crore yearly, however, the taxation is low by 2 to 3 % due to which the financial health of the state has further deteriorated. The officials in finance department told Early Times on Wednesday that the taxation is low by 2 to 3% as the commercial hub of the Srinagar city was totally devastated in the floods during the month of September last year. They said the business houses which were contributing enormously to the local receipts are suffered heavily in floods due to which taxation could not be done. The officials said that till 2010, the state government would raise over draft from the JK Bank to meet the demands under unfavourable economic conditions. However, after the JK Bank was brought under the control of RBI, the overdraft option was closed under RBI guidelines. They said to raise loan from the market the state has to follow a set procedure. "It is not that we approach a financial institution to raise loan as and when required. There is a set procedure for financial borrowings" a senior official said. He said the loan has to be raised through bidding under RBI guidelines. He said we cannot approach a financial institution on our own, we have to follow RBI procedure for that. Meanwhile a number of government departments and organisation do not have even salaries for their employees. Many heads of departments are seen approaching the commissioner secretary finance for release of money but return hopelessly as the Finance Department has nothing to offer to the HoDs.   Share This News with Your Friends on Social Network     Comment on this Story

top stories of the day

Director Family Welfare changes his DOB from 1955 to 1957 Amid RS poll bugle, Cong factions fight to establish supremacy Cong to seek NC help for Azad's re-election JU's Youth Festival, evil campaign, painful reality! Guv to dismiss corrupt officials before Govt formation Can Kashmiri Hindus go back to Valley? Minorities in Kashmir live in fear as Barrack Obama comes to India as state guest Unused WVM in dilapidated condition, Meteorology Deptt mum Despite seven reductions in fuel prices, passengers fare cut remains elusive 2 Health Deptt employees suspended Timber smugglers make hay as officials sleep in Karnah Out-of-job NC blaming PDP, BJP for Governor's rule Taxation down by 3% due to floods, treasuries drying up in JK PROs, Pvt Secretaries of former Ministers sacked, Adhoc employees terminated JKSSB publishes ALC category posts for non- qualifying districts Civil, academic examinees face dearth of space in JU's Dhanwantri Library Despite tall claims Passport Office fails to provide passports to thousands of applicants Despite issuing many notices Government shelves plan of introducing alternate highway

STOCK UPDATE

BSE Sensex NSE Nifty

CRICKET UPDATE