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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coastaldigest.com news network
June 10,2020

Mangaluru, June 10: The first direct repatriation flight from Damma to Mangaluru International Airport under Vande Bharat Mission will be operated on June 21.

Thousands of people from coastal districts of Karnataka are stranded without flights in different parts of Saudi Arabia after the announcement of covid lockdown in March this year. 

Even though the government of India launched Vande Bharat Mission to repatriate Indian expatriate through special flights, no flight was scheduled from Saudi Arabia to Mangaluru.

Several organisations had exerted pressure on the government of India and government of Karnataka to bring back stranded Kannadigas from Saudi Arabia.  

With the sole intention of helping the stranded Kannadigas, a few philanthropists in Saudi Arabia last month formed an NGO called Saudi Kannadigas Humanity Forum under the leadership of Zakariya Bajpe and Sheikh Expertise. 

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Manoj nishad
 - 
Friday, 12 Jun 2020

Nem man

oj nishad  passport no N6564483 mai 3 sal se Saudi me hon mere pas na to

 

Paysa hai na to kam hai na to aqama  hai 

 

Mai ghar jaong 

0568060172

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News Network
March 31,2020

Bengaluru, Mar 31: Venkara Raghava, a software engineer from Bengaluru, who was infected with the coronavirus has recovered and is currently "doing perfectly well".

"I am doing perfectly well now. I had travelled to Los Angeles via Heathrow airport and that is when I came in contact with many travellers. I might have picked up the infection there," Raghava told news agency.

It was in Los Angeles when he started getting a 'low-grade fever' which led him to prepone his flight to Bengaluru. "When I landed back in Bengaluru on March 8, I had a fever and I isolated myself. The same day I went to a hospital where my travel history was taken and I tested positive for COVID-19", he said.

The next day, he was admitted to the isolation centre. His entire family was also tested but the results came back negative.

When asked about what does suffering from COVID-19 feel like, he responded that it was a like a regular viral fever and was "nothing to be scared of". "The fever is very grinding, and since my childhood, I never had a fever. I had a fever for almost 15 days consistently 100 degrees (F)," he said.

About his experience at the isolation centre, he said that it was an experience unlike that of a hospital. "At the isolation centre, one has to take care of themselves, unlike a hospital where doctors and nurses take care of the patient. I had to put a wet cloth on myself and you cannot overdose yourself with Calpol or Paracetamol," he said.

For him, "The tough times are now over" and now he has fully recovered but in the process, he ended up losing about five kilograms. "After the fifteenth day when I woke up with no fever, they took a test for the nose and the throat and it came back negative," he recalled, and on March 22, he was set free.

For one week, he has been in self-quarantine at home "being completely watchful" that the symptoms do not reoccur.

The number of total coronavirus cases reached 1,251 on Monday. There are 1117 active cases in the country, according to the Ministry of Health and Family Welfare.

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News Network
February 4,2020

Mangalore, Feb 4: Following the directions of the University Grants Commission (UGC) to use khadi for convocations and other events in universities and colleges, Mangalore University has decided to use khadi-silk for ceremonial robes.

The amendments to the statute governing convocations for conferring degrees were approved in the Academic Council meeting.

Mangalore University Registrar Prof A M Khan said on Tuesday that the colour of the gown of the chancellor will be rich dark red or vermilion and the ‘angavasthram’ will be of gold with blue border.

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