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Tag: Cash

  • JK Bank J&K Bank Cash Credit Scheme Salaried For Employees

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    8FE7849C B144 4498 8FF8 2D1476C6FAB6

    NAME OF THE PRODUCT

    J&K Bank Cash Credit Scheme

    PURPOSE

    The product is aimed at addressing the cyclic liquidity needs of salaried employees.

    ELGIBILITY

    Permanent Employees of Central Government, and State Government / Semi-Government Undertakings & Autonomous Bodies drawing salary from our Bank.

    CLASSIFICATION

    • Non-Priority

    NATURE OF THE FACILITY / QUANTUM / REPAYMENT

    • The facility shall be revolving in nature up to 8 years before the age of retirement of the employee*. The drawing power (DP) will thereafter be reduced on borrower’s birthday every year on pro-rata basis by reducing the principal amount so that the facility gets adjusted by 1 year before the age of retirement. The annual reduction can be spread over four quarters.The interest will be serviced by the borrower as and when applied.
    • Under this scheme, the credit facility can be sanctioned in favor of employees who is nearing his/her date of retirement. However the facility will be sanctioned on drop line limit basis as under:
    Remaining ServiceMaximum Limit
    Up to 8 years6 times salary credited in the account or Rs. 6.00 Lakh, whichever is lower
    7 years5 times salary credited in the account or Rs. 5.00 Lakh, whichever is lower
    6 years4 times salary credited in the account or Rs. 4.00 Lakh, whichever is lower
    5 years3 times salary credited in the account or Rs. 3.00 Lakh, whichever is lower
    4 years2 times salary credited in the account or Rs. 2.00 Lakh, whichever is lower
    3 yearsequal to salary credited in the account or Rs. 1.00 Lakh, whichever is lower

    Quantum of finance:

    • Minimum: Rs. 50,000.00
    • Maximum : 6 times average of previous three month’s salary credited in the account; or Rs. 6, 00,000.00 whichever is lower.

    * The scheme is customized for all retirement age brackets that are in vogue in the Government service sector i.e. 60, 62 and 65 years.

    REPAYING CAPACITY

    • Stipulation of minimum take home salary shall not be insisted for this loan scheme, however the Interest outgo/ payable in this loan scheme shall be added to deduction for granting loan (s) under other schemes of the bank.

    AGE OF THE APPLICANT

    • Minimum age of Applicant: 21 years.
    • Maximum at the time of loan Maturity: One year before the age of retirement.

    REPAYING CAPACITY

    • Stipulation of minimum take home salary of 40% shall not be insisted for this loan scheme, however the Interest outgo/ payable in this loan scheme shall be added to deduction for granting loan (s) under other schemes of the bank.

    MARGIN

    • NIL

    SECURITY

    • Primary: NIL
    • Collateral: NIL

    PROCESSING CHARGE

    • 0.25% of the loan amount plus GST,
      • Minimum of Rs. 500.00 plus GST.
      • Maximum of Rs. 1000.00 plus GST.

    RATE OF INTEREST (SUBJECT TO CHANGE)

    • 1 year MCLR+3.50 p.a. fixed Rate of Interest with monthly rests and Annual Reset.

    Click here for rate of Interest

    PRE-PAYMENT

    • No penalty on prepayment or / and foreclosure of the loan.

    8FE7849C B144 4498 8FF8 2D1476C6FAB6

    The post JK Bank J&K Bank Cash Credit Scheme Salaried For Employees Check Features and Benefits appeared first on Kashmir Publication.

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    #Bank #Bank #Cash #Credit #Scheme #Salaried #Employees

    ( With inputs from : kashmirpublication.in )

  • J&K Bank Cash Credit Scheme For Employees Check Features and Benefits

    [ad_1]

    8FE7849C B144 4498 8FF8 2D1476C6FAB6

    NAME OF THE PRODUCT

    J&K Bank Cash Credit Scheme

    PURPOSE

    The product is aimed at addressing the cyclic liquidity needs of salaried employees.

    ELGIBILITY

    Permanent Employees of Central Government, and State Government / Semi-Government Undertakings & Autonomous Bodies drawing salary from our Bank.

    CLASSIFICATION

    • Non-Priority

    NATURE OF THE FACILITY / QUANTUM / REPAYMENT

    • The facility shall be revolving in nature up to 8 years before the age of retirement of the employee*. The drawing power (DP) will thereafter be reduced on borrower’s birthday every year on pro-rata basis by reducing the principal amount so that the facility gets adjusted by 1 year before the age of retirement. The annual reduction can be spread over four quarters.The interest will be serviced by the borrower as and when applied.
    • Under this scheme, the credit facility can be sanctioned in favor of employees who is nearing his/her date of retirement. However the facility will be sanctioned on drop line limit basis as under:
    Remaining ServiceMaximum Limit
    Up to 8 years6 times salary credited in the account or Rs. 6.00 Lakh, whichever is lower
    7 years5 times salary credited in the account or Rs. 5.00 Lakh, whichever is lower
    6 years4 times salary credited in the account or Rs. 4.00 Lakh, whichever is lower
    5 years3 times salary credited in the account or Rs. 3.00 Lakh, whichever is lower
    4 years2 times salary credited in the account or Rs. 2.00 Lakh, whichever is lower
    3 yearsequal to salary credited in the account or Rs. 1.00 Lakh, whichever is lower

    Quantum of finance:

    • Minimum: Rs. 50,000.00
    • Maximum : 6 times average of previous three month’s salary credited in the account; or Rs. 6, 00,000.00 whichever is lower.

    * The scheme is customized for all retirement age brackets that are in vogue in the Government service sector i.e. 60, 62 and 65 years.

    REPAYING CAPACITY

    • Stipulation of minimum take home salary shall not be insisted for this loan scheme, however the Interest outgo/ payable in this loan scheme shall be added to deduction for granting loan (s) under other schemes of the bank.

    AGE OF THE APPLICANT

    • Minimum age of Applicant: 21 years.
    • Maximum at the time of loan Maturity: One year before the age of retirement.

    REPAYING CAPACITY

    • Stipulation of minimum take home salary of 40% shall not be insisted for this loan scheme, however the Interest outgo/ payable in this loan scheme shall be added to deduction for granting loan (s) under other schemes of the bank.

    MARGIN

    • NIL

    SECURITY

    • Primary: NIL
    • Collateral: NIL

    PROCESSING CHARGE

    • 0.25% of the loan amount plus GST,
      • Minimum of Rs. 500.00 plus GST.
      • Maximum of Rs. 1000.00 plus GST.

    RATE OF INTEREST (SUBJECT TO CHANGE)

    • 1 year MCLR+3.50 p.a. fixed Rate of Interest with monthly rests and Annual Reset.

    Click here for rate of Interest

    PRE-PAYMENT

    • No penalty on prepayment or / and foreclosure of the loan.

    8FE7849C B144 4498 8FF8 2D1476C6FAB6

    The post J&K Bank Cash Credit Scheme For Employees Check Features and Benefits appeared first on Kashmir Publication.

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    #Bank #Cash #Credit #Scheme #Employees #Check #Features #Benefits

    ( With inputs from : kashmirpublication.in )

  • 7 Kg Heroin, Two Crore Cash Recovered From Residential House In Poonch

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    SRINAGAR: Jammu and Kashmir Police on Friday busted a narco-terror module in Poonch district.

    “A huge quantity of heroine and cash was recovered from the house of a notorious drug peddler from Poonch namely Rafi Dhana, alias Rafi Lala”, said a police spokesperson.

    The accused, was detained under PSA being a notorious drug smuggler and resides close to the line of control in Poonch.

    “Today, on some inputs Poonch Police team led by Inspector Sunil and components of NCA and CRPF searched the house of Rafi. During search, 7 KGs of Heroine, around 2 crores of cash and a Pistol with 01 Magzine , 10 rounds along with seven rounds of SLR was recovered”, the official said.

    “With this effort, Poonch Police and security forces have been able to bust a huge narco-terror module. The searches are still going on in presence of Magistrate and Prominent citizens.”

    The nexus of this module with Punjab based narcotics smugglers is being investigated. A case has been registered at Police station Mandi and investigation set into motion. (GNS)

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    #Heroin #Crore #Cash #Recovered #Residential #House #Poonch

    ( With inputs from : kashmirlife.net )

  • Bank cash deposit rule changed : Big news! Now without these

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    On 10 May 2022, the government had implemented these rules by issuing a notification. PAN Card and Aadhar Card have been made mandatory for depositing large amounts of cash in one or more banks in a financial year. Similarly, the government has also set the limit for cash transactions.

    New Delhi. The central government has taken several steps to crack down on illegal and unaccounted cash transactions. The government has amended the cash withdrawal limit and also made PAN card and Aadhar card mandatory for depositing large amounts of cash in one or more banks in a financial year. Is. This means that now you have to show PAN card and Aadhar card while depositing large amount. Not only this, a provision has also been made for heavy fines for paying cash or receiving cash in excess of the prescribed limit.

    Under the new rules, it has now been made mandatory to provide PAN or Aadhaar for depositing or withdrawing more than Rs 20 lakh in banks. On May 10, 2022, the government had implemented these rules by issuing a notification. The Central Board of Direct Taxes (CBDT) has made new rules under the Income Tax (15th Amendment) Rules, 2022. After the implementation of these new rules, if a person deposits a total amount of 20 lakh rupees or more in a financial year in one or more accounts in any banking company, co-operative bank or post office, then PAN and Aadhar card for him. Giving has become mandatory.

    What will happen to those who do not have PAN?

    Those who do not have PAN will have to apply for PAN at least seven days prior to any transaction of more than Rs 50,000 in a day or more than Rs 20 lakh in a financial year. Similarly, if a person withdraws a total amount of 20 lakh rupees or more in a financial year from one or more accounts of any banking company, co-operative bank or post office, then he will have to give PAN or Aadhar card.

     

    Keep these things in mind

    • Income tax laws prohibit cash transactions above Rs 2 lakh for any reason. Therefore, avoid excessive cash transactions, otherwise you may have to pay a fine.
    • The government prohibits accepting cash above Rs 2 lakh. Therefore, in a single day, you cannot take more than Rs 2 lakh in cash even from your close relatives.
    • Not more than Rs 2 lakh can be accepted as a cash gift from a single donor at a time. If anyone violates this, he can be fined equal to the amount received.
    • Do not pay cash for health insurance. If the taxpayer pays the insurance premium in cash, he will not be eligible for section 80D deduction.
    • In a property transaction, the maximum cash allowed is also Rs 20,000. If a seller is in advance, then the maximum limit is only two lakh rupees.

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    #Bank #cash #deposit #rule #changed #Big #news

    ( With inputs from : kashmirpublication.in )

  • Bank cash deposit rule changed : Big news! Now without these two

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    2B73C2ED AC2B 4058 AE6D 471302F0E5E1

    Bank cash deposit rule changed : Big news! Now without these two documents there will be no cash deposit in the bank, know new rules here


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    On 10 May 2022, the government had implemented these rules by issuing a notification. PAN Card and Aadhar Card have been made mandatory for depositing large amounts of cash in one or more banks in a financial year. Similarly, the government has also set the limit for cash transactions.

    What will happen to those who do not have PAN?

    Those who do not have PAN will have to apply for PAN at least seven days prior to any transaction of more than Rs 50,000 in a day or more than Rs 20 lakh in a financial year. Similarly, if a person withdraws a total amount of 20 lakh rupees or more in a financial year from one or more accounts of any banking company, co-operative bank or post office, then he will have to give PAN or Aadhar card.

     

    Keep these things in mind

    • Income tax laws prohibit cash transactions above Rs 2 lakh for any reason. Therefore, avoid excessive cash transactions, otherwise you may have to pay a fine.
    • The government prohibits accepting cash above Rs 2 lakh. Therefore, in a single day, you cannot take more than Rs 2 lakh in cash even from your close relatives.
    • Not more than Rs 2 lakh can be accepted as a cash gift from a single donor at a time. If anyone violates this, he can be fined equal to the amount received.
    • Do not pay cash for health insurance. If the taxpayer pays the insurance premium in cash, he will not be eligible for section 80D deduction.
    • In a property transaction, the maximum cash allowed is also Rs 20,000. If a seller is in advance, then the maximum limit is only two lakh rupees.

    2B73C2ED AC2B 4058 AE6D 471302F0E5E1

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    #Bank #cash #deposit #rule #changed #Big #news

    ( With inputs from : kashmirpublication.in )

  • Cash Transactions Notice: Big news! Income tax notice will come

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    New Cash Transaction Rule: The Income Tax Department has become very cautious about cash transactions these days.

    In the last few years, the Income Tax Department and various investment platforms like banks, mutual fund houses, broker platforms, etc. have tightened the cash transaction rules for the general public. Let us know the complete details about it.

    Now these investment and lending institutions allow cash transactions only up to a certain limit. The Income Tax Department can send a notice if there is even a slight violation.

    There are many such transactions, which are monitored by income tax. If you do large cash transactions with banks, mutual funds, brokerage houses and property registrars, they will have to inform the Income Tax Department. Let us know about 5 such transactions, which can land you in trouble.

    Bank Fixed Deposit (FD)

    Cash deposit in bank FD should not exceed Rs 10 lakh. The Central Board of Direct Taxes (CBDT) has announced that banks will have to disclose whether individual deposits in one or more fixed deposits exceed the prescribed limit.

     

    Bank savings account deposit

    The limit for cash deposit in a bank account is ₹10 lakh. If a savings account holder deposits more than ₹10 lakh during a financial year, the Income Tax Department can send an Income Tax notice. Meanwhile, cash deposits and withdrawals in a bank account that cross the limit of ₹10 lakh in a financial year must be disclosed to the tax authorities. In current accounts, the cap is ₹50 lakh.

    Credit card bill payment

    As per CBDT rules, payments of Rs 1 lakh or more in cash in lieu of credit card bills should be reported to the Income Tax Department. Additionally, if ₹10 lakh or more is paid in a financial year to settle credit card bills, the payment should be disclosed to the tax department.

    Sale or purchase of real estate

    The property registrar will have to disclose to the tax authorities any investment or sale of immovable property for an amount of ₹30 lakh or more. Therefore, in the purchase or sale of any real estate property, taxpayers are advised to report their cash transactions in Form 26AS as the Registrar of Property will definitely report about the same.

    Investment in Shares, Mutual Funds, Debentures and Bonds

    Investors investing in mutual funds, stocks, bonds or debentures should ensure that their cash transactions in these investments do not exceed ₹10 lakh in a financial year.

    The Income Tax Department has prepared the Annual Information Return (AIR) statement of financial transactions to trace high-value cash transactions of taxpayers. The tax authorities would collect details of abnormally high value transactions in a particular financial year on this basis.

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    #Cash #Transactions #Notice #Big #news #Income #tax #notice

    ( With inputs from : kashmirpublication.in )

  • Five Persons Arrested, Five Lakh Cash, 2.15 Cr Notes Recovered

    Five Persons Arrested, Five Lakh Cash, 2.15 Cr Notes Recovered

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    SRINAGAR: Police on Saturday arrested five persons from Kashmir Valley and New Delhi along with five lakh Indian currency notes and 2.15 crore “low quality” currency notes near Kargil Colony Bathindi Jammu.

    Quoting an official, GNS reported that the accused were arrested while they were moving in a Vehicle S-Cross (HR26CQ-8653) from Kargil Colony towards Bathindi morh.

    “After proper search of the Vehicle Police Party recovered 05 lac Indian currency notes notes alongwith 03 cheque books and about 02.15 Crore low quality Indian currency notes from their possession,” the officer said.

    In this regard, a case (FIR No 71/2023) under relevant sections of law has been registered and further investigation is going on.

    Those arrested include Nazir Ahmed son of Mohammad Jabbar of Barzulla, Srinagar, Riyaz Ahmed son of Abdul Gani of Sheikhhar, Pulwama, Mohammad Naimullah son of Mohammad Zaheer-ul-Haq of Dwarka, Delhi, Manzoor Ahmed son of Ghulam Mohammad of Nishat, Srinagar and Basit son of Ghulam Hussain of Shopian.

     

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    #Persons #Arrested #Lakh #Cash #Notes #Recovered

    ( With inputs from : kashmirlife.net )

  • 5 Persons Arrested Along With Rs 5 Lakh Cash, 2.15 cr ‘Low Currency Notes’ in Jammu: Police

    5 Persons Arrested Along With Rs 5 Lakh Cash, 2.15 cr ‘Low Currency Notes’ in Jammu: Police

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    Jammu, Feb 25: Police on Saturday arrested five persons from Kashmir Valley and New Delhi along with five lakh Indian currency notes and 2.15 crore “low quality” currency notes from near Kargil Colony Bathindi Jammu, officials said.

    The five persons were arrested while they were moving in a Vehicle S-Cross (HR26CQ-8653) from Kargil Colony towards Bathindi morh, a police officer told GNS.

    “After proper search of the Vehicle Police Party recovered 05 lac Indian currency notes notes alongwith 03 cheque books and about 02.15 Crore low quality Indian currency notes from their possession,” the officer said. In this regard, he said, a case (FIR No 71/2023) under relevant sections of law has been registered and further investigation is going on.

    The five persons include Nazir Ahmed son of Mohammad Jabbar of Barzulla, Srinagar, Riyaz Ahmed son of Abdul Gani of Sheikhhar, Pulwama, Mohammad Naimullah son of Mohammad Zaheer-ul-Haq of Dwarka, Delhi, Manzoor Ahmed son of Ghulam Mohammad of Nishat, Srinagar and Basit son of Ghulam Hussain of Shopian. (GNS)

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    #Persons #Arrested #Lakh #Cash #Currency #Notes #Jammu #Police

    ( With inputs from : roshankashmir.net )

  • J&K Bank Cash Credit Scheme (Salaried Employees)

    [ad_1]

    8FE7849C B144 4498 8FF8 2D1476C6FAB6

    NAME OF THE PRODUCT

    J&K Bank Cash Credit Scheme

    PURPOSE

    The product is aimed at addressing the cyclic liquidity needs of salaried employees.

    ELGIBILITY

    Permanent Employees of Central Government, and State Government / Semi-Government Undertakings & Autonomous Bodies drawing salary from our Bank.

    CLASSIFICATION

    • Non-Priority

    NATURE OF THE FACILITY / QUANTUM / REPAYMENT

    • The facility shall be revolving in nature up to 8 years before the age of retirement of the employee*. The drawing power (DP) will thereafter be reduced on borrower’s birthday every year on pro-rata basis by reducing the principal amount so that the facility gets adjusted by 1 year before the age of retirement. The annual reduction can be spread over four quarters.The interest will be serviced by the borrower as and when applied.
    • Under this scheme, the credit facility can be sanctioned in favor of employees who is nearing his/her date of retirement. However the facility will be sanctioned on drop line limit basis as under:
    Remaining ServiceMaximum Limit
    Up to 8 years6 times salary credited in the account or Rs. 6.00 Lakh, whichever is lower
    7 years5 times salary credited in the account or Rs. 5.00 Lakh, whichever is lower
    6 years4 times salary credited in the account or Rs. 4.00 Lakh, whichever is lower
    5 years3 times salary credited in the account or Rs. 3.00 Lakh, whichever is lower
    4 years2 times salary credited in the account or Rs. 2.00 Lakh, whichever is lower
    3 yearsequal to salary credited in the account or Rs. 1.00 Lakh, whichever is lower

    Quantum of finance:

    • Minimum: Rs. 50,000.00
    • Maximum : 6 times average of previous three month’s salary credited in the account; or Rs. 6, 00,000.00 whichever is lower.

    * The scheme is customized for all retirement age brackets that are in vogue in the Government service sector i.e. 60, 62 and 65 years.

    REPAYING CAPACITY

    • Stipulation of minimum take home salary shall not be insisted for this loan scheme, however the Interest outgo/ payable in this loan scheme shall be added to deduction for granting loan (s) under other schemes of the bank.

    AGE OF THE APPLICANT

    • Minimum age of Applicant: 21 years.
    • Maximum at the time of loan Maturity: One year before the age of retirement.

    REPAYING CAPACITY

    • Stipulation of minimum take home salary of 40% shall not be insisted for this loan scheme, however the Interest outgo/ payable in this loan scheme shall be added to deduction for granting loan (s) under other schemes of the bank.

    MARGIN

    • NIL

    SECURITY

    • Primary: NIL
    • Collateral: NIL

    PROCESSING CHARGE

    • 0.25% of the loan amount plus GST,
      • Minimum of Rs. 500.00 plus GST.
      • Maximum of Rs. 1000.00 plus GST.

    RATE OF INTEREST (SUBJECT TO CHANGE)

    • 1 year MCLR+3.50 p.a. fixed Rate of Interest with monthly rests and Annual Reset.

    Click here for rate of Interest

    PRE-PAYMENT

    • No penalty on prepayment or / and foreclosure of the loan.

    8FE7849C B144 4498 8FF8 2D1476C6FAB6

    The post J&K Bank Cash Credit Scheme (Salaried Employees) Check Features and Benefits appeared first on Kashmir Publication.

    [ad_2]
    #Bank #Cash #Credit #Scheme #Salaried #Employees

    ( With inputs from : kashmirpublication.in )

  • Bank Service Charge Changed: ATM cash withdrawal will be

    Bank Service Charge Changed: ATM cash withdrawal will be

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    1623466742 atm1

    Bank Service Charge Changed: ATM cash withdrawal will be charged after the limit is over, Know what changed on other services

    New Delhi: After the cash withdrawal limit from ATM is over, customers will have to pay a fixed amount every time they do a money transaction. Apart from this, banks charge fees from customers for providing different types of services. It is taken from the customer in the form of processing fee, service charge (Bank Service).

    According to Canara Bank, it has made new charges for banking services effective from 3 February 2023. Charges will be applicable to the customers for addition or deletion of name in the bank account. For addition or deletion of names, a charge of Rs 100 plus applicable GST rate per case will have to be made. However, no charge will have to be paid for adding or deleting names through online mode. The bank has said that it will not take any charge on the request to remove the name due to the death of the joint account customer.

    What is the charge rate for changing mobile number or changing e-mail?

    If account holders request to change mobile number, e-mail, address, then different banks have different fee rates. Canara Bank does not charge fee for the first change after account opening. But after that every time customers have to pay Rs 50 and applicable GST rate.

    How much will be charged for exceeding the ATM cash withdrawal limit?

    The charge rate of each bank is different for crossing the ATM cash withdrawal limit. Canara Bank gives 4 free chances to its customers to withdraw cash from their own or other bank’s ATM. After this, the customer has to pay a fee of Rs 5 and the applicable GST rate every time he withdraws money from the ATM.

    Fees have to be paid for these banking services as well.

    • On changing the mobile number linked to the account,
    • Adding or removing name from bank account
    • Change email address
    • Free cash withdrawal limit from atm,
    • Check return charges
    • ECS debit return charges,
    • Average Minimum Balance (AMB),
    • Maintenance of average monthly minimum balance,
    • Ledger folio,
    • Internet and Mobile Banking Services
    • Online fund transfer,
    • Fees on ATM Transaction Services

    1623466742 atm1

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    #Bank #Service #Charge #Changed #ATM #cash #withdrawal

    ( With inputs from : kashmirpublication.in )