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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News Network
May 8,2020

Kochi, May 8: Five people, who were among 181 individuals evacuated from Abu Dhabi, have been sent to the isolation ward of the district hospital after they displayed symptoms of coronavirus during thermal screening.

The first repatriation Air India Express flight with 181 individuals from Abu Dhabi landed at Cochin International Airport here on Thursday.

Among the returnees, 49 women were pregnant and four were children. They have been home-quarantine.

Meanwhile, the rest have been taken to quarantine centres in their respective districts.

The Air India Express flight IX452 to Kochi with 177 passengers and four infants took off from Abu Dhabi International Airport and touched down at Kochi post 10 pm.

The government has made it mandatory for foreign returnees to be quarantined for 14 days, either in a hospital or in an institutional quarantine on payment-basis, by the concerned state government.

A COVID-19 test would be done after 14 days and further action would be taken according to health protocols.

India on Monday began phased repatriation of its citizens stranded abroad due to coronavirus lockdown.

The government said that Air India will operate 64 flights from May 7 to May 13 to bring back around 15,000 Indian nationals stranded abroad amid the COVID-19-induced lockdown.

Starting from 7 May, 64 flights will take off for 12 countries including the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain, Maldives, Singapore and the US.

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Agencies
January 24,2020

Indore, Jan 24: Bharatiya Janata Party (BJP) leader Kailash Vijayvargiya on Thursday said that he suspected that there were some Bangladeshis among construction labourers who worked at his house recently.

Their “strange” eating habits aroused suspicion about their nationality, the BJP general secretary said at a seminar in support of the Citizenship Amendment Act (CAA) here.

When a new room was being added at his house recently, he found “eating habits” of some of the workers “strange” as “they were eating only `poha’ (flattened rice)”, he said.

After talking to their supervisor and the building contractor, he suspected that these workers were from Bangladesh, the BJP leader said.

When reporters questioned him later, Vijayvargiya said, “I suspected these workers were residents of Bangladesh. Two days after I became suspicious, they stopped working at my house. I have not filed any police complaint yet. I only mentioned this incident to warn people,” he said.

Speaking at the seminar, Vijayvargiya also claimed that a Bangladeshi terrorist was keeping a watch on him for the last one and a half years.

“Whenever I go out, six armed security personnel follow me. What is happening in this country? Will outside people enter and spread so much terror?” he asked.

“Don’t get confused by rumours. The CAA is in the interest of the country. This law will provide asylum to genuine refugees and identify intruders who are a threat to the country’s internal security,” he added.

Comments

Well Wisher
 - 
Sunday, 26 Jan 2020

Koopa Mandooka. illeterates. Do not bother about them.

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News Network
March 11,2020

Kalaburagi, Mar 11: A suspected coronavirus patient who had returned to Kalaburagi from Saudi Arabia on February 29 passed away today in hospital.

It is said he was admitted to the hospital on March 5 after he showed flu symptoms. But, the family members of the patient had shifted him to Hyderabad from GIMS on Tuesday against the advice of the doctors.

However, the district administration and District Health Officer (DHO) M A Jabbar are waiting for the final report of throat swab of the patient sent for lab test.

The DHO has directed Taluk Health Officer Sharanabasappa Kyatanal to supervise until the final rites of the suspect person were performed.

Kalaburagi Deputy Commissioner B Sharat said the patient died on Tuesday night on his way back to Kalaburagi after the doctor stated that chances of his survival was bleak. "It is still a suspected coronavirus case. We are waiting for the report," he said.

Sharat said he developed severe respiratory problem coupled with cough, cold and fever. "As he was 76-year-old, he failed to respond to the treatment. It is yet to be confirmed if the cause of death was coronavirus," he said.

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