Karnataka fears massive revenue loss after currency chaos

November 16, 2016

Bengaluru, Nov 16: The Centre's move to demonetize high value currency notes threatens to derail Karnataka's revenue collection this financial year. Officials fear that the state might miss its revenue target by at least Rs 5,000-Rs 15,000 crore for the current fiscal. The move has already affected liquor sales, property transactions, and sale of new and used vehicles.

Untitled-1"We are still assessing the impact and will get a clear picture by the weekend. We are certainly expecting some impact,'' said ISN Prasad, additional chief secretary, state finance department. "The government's revenues have taken a severe beating following the demonetization move. Whatever taxes were supposed to come to the state, including commercial taxes, sales taxes and all the revenues have been hampered. It will certainly have a huge impact on this fiscal's tax collection," said another finance department official.

The government's excise department has been the worst hit. The sale of foreign liquor has come down drastically in the past few days. A senior excise department official said: "Most of the excise revenue come from the sale of Indian Manufactured Foreign Liquor. Officials at government outlets have claimed that the sale has gone down by at least 50%."

The government had fixed an ambitious revenue target of Rs 16,510 crore for the excise department this year following a 25% hike in taxes on liquor. The government has collected only about Rs 7,500 crore so far. "People have stopped buying liquor, especially the expensive ones, due to shortage of high-value currency," added the official.

The revenue target for the stamps and registration department had been fixed at a higher Rs 9,100 crore for the current fiscal. Most of this amount comes from revenue layouts through stamp duty and property registration, which has completely stopped since November 8. "Bengaluru is a big market for secondary real estate, which traditionally works on 60:40 white and black money ratio. Ban on transaction of black money has badly hit property registration," said a senior official of the stamps and registration department.

Comments

Althaf
 - 
Wednesday, 16 Nov 2016

Not only in karnataka All over india it will effect.

Skazi
 - 
Wednesday, 16 Nov 2016

let the Govt reduce the Value of lands for registration purposes... then the govt will get back the revenues.... as the buyers will come forward in the real estate business .....
The govt does not apply its mind while fixing the land values ... It goes by survey no.... whether the site has road connection or not,, the govt value is same for all sites ....

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Agencies
April 19,2020

French Nobel prize winning scientist Luc Montagnier has sparked a fresh controversy by claiming that the SARS-CoV-2 virus came from a lab, and is the result of an attempt to manufacture a vaccine against the AIDS virus.

In an interview given to French CNews channel and during a podcast by Pourquoi Docteur, professor Montagnier who co-discovered HIV (Human Immunodeficiency Virus) claimed the presence of elements of HIV in the genome of the coronavirus and even elements of the "germ of malaria" are highly suspect, according to a report in Asia Times.

"The Wuhan city laboratory has specialized in these coronaviruses since the early 2000s. They have expertise in this area," he was quoted as saying.

The theory that Covid-19 virus originated in the lab is making rounds for quite some time.

US President Donald Trump last week acknowledged Fox News report that the novel coronavirus may have been accidentally leaked by an intern working at the Wuhan Institute of Virology in China.

The Fox News, in an exclusive report, based on unnamed sources has claimed that though the virus is a naturally occurring strain among bats and not a bioweapon, but it was being studied in Wuhan laboratory.

The initial transmission of the virus was bat-to-human, the news channel said, adding that the "patient zero" worked at the laboratory. The lab employee was accidentally infected before spreading the disease among the common people outside the lab in Wuhan city.

Professor Montagnier was awarded the 2008 Nobel Prize in Medicine for the identification of AIDS virus, with his colleague professor Franeoise Barre-Sinoussi.

His fresh claim on coronavirus, however, received criticism from scientists, including his colleagues.

"Just in case you don't know. Dr Montagnier has been rolling downhill incredibly fast in the last few years. From baselessly defending homeopathy to becoming an antivaxxer. Whatever he says, just don't believe him," tweeted Juan Carlos Gabaldon.

As per a recent Washington Post, two years ago, the US embassy officials in China raised concerns about the insufficient biosafety at the Chinese government's Wuhan Institute of Virology where deadly viruses and infectious diseases are studied.

Though the institute, located quite close to the Wuhan wet market, is China's first biosafety level IV lab, the US state department had warned in 2018 about "serious shortage of appropriately trained technicians and investigators needed to safely operate this high-containment laboratory".

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coastaldigest.com news network
February 28,2020

Mangaluru, Feb 28: Two labourers lost their lives as they were buried alive in a landslip at Karangalpady Junction near Bunts Hostel in the city today.

The landslip occurred when a compound wall collapsed burying at least five persons under the debris. It is feared that three people are still under the debris.

The deceased have been identified as Mohammad Masood (20) from West Bengal and Bhimappa (25) from Bagalkote.

Local police and fire fighters are carrying out rescue operation.

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News Network
April 25,2020

Mangaluru, Apr 25: The Mangalore Refinery and Petrochemicals Limited (MRPL) has extended vital assistance to hundreds of migrant workers, destitute and needy families during the COVID-19 crisis through its CSR fund.

The lockdown has left thousands of people including migrant workers and destitute in the district, in the lurch. MRPL, using its corporate social responsibility fund through the Dakshina Kannada district administration, has sponsored 50,000 kg rice for the benefit of these needy citizens, a company release here said.

MRPL also donated grocery kits comprising boiled rice, dal, rava, sugar and tea to the needy families in the district, it said.

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