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
April 23,2020

Bengaluru, Apr 23: The Karnataka government on Wednesday promulgated 'The Karnataka Epidemic Diseases Ordinance 2020' that provides the state with a power to seal borders, restrict essential services and punish those attacking public servants and damaging public property.

The Ordinance comes after violence in Padarayanapura when the police and BBMP officials were attacked while they tried to take some secondary contacts of a deceased COVID-19 patient into quarantine on April 19.

The Ordinance, which was promulgated after the Centre's guidelines in this regard, said, "The offender shall be liable for a penalty of twice the value of public or private property damaged as determined by the Deputy Commissioner after an inquiry."

It further said that if the penalty is not paid by the offender, then the amount shall be recovered under provisions of the Karnataka Land Revenue Act, 1964. The Deputy Commissioner can even attach the property of such offender in due course.

Also, abetment of offence would attract imprisonment of up to two years and a penalty of Rs 10,000 or both.

"No person shall commit or attempt to commit or instigate, incite or otherwise abet the commission of offence to cause loss or damage to any public or private property in any area when restrictions and regulations are in force to contain any epidemic disease," the Ordinance said.

Whoever contravenes such provision shall be punished with imprisonment for a term which shall not be less than six months, but may extend to three years and with fine which may extend to Rs 50,000, it added.

On Wednesday, the Centre brought an Ordinance to end violence against health workers, making it a cognisable and non-bailable offence with imprisonment up to seven years for those found guilty.

"We have brought an Ordinance under which any attack on health workers will be a cognisable and non-bailable offence. In the case of grievous injuries, the accused can be sentenced from six months to seven years. They can be penalised from Rs 1 lakh to Rs 5 lakhs," Union Minister Prakash Javadekar briefed media after Cabinet meeting.

Javadekar said that an amendment will be made to the Epidemic Diseases Act, 1897 and ordinance will be implemented.
This comes amid nationwide lockdown in the wake of COVID-19.

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News Network
March 30,2020

Bengaluru, Mar 30: The total number of COVID-19 cases in Karnataka has climbed to 88 on Sunday after five more persons tested positive for the lethal infection.

"Five more COVID-19 cases reported in Karnataka taking positive cases in the state to 88," said the State health department.

Of the five, one is a close contact of an earlier confirmed patient and the others are workers of a pharmaceutical company in Mysuru, from where a person had tested positive, the department said.

The country is under a 21-day lockdown to prevent the spread of coronavirus, which according to the Ministry of Health and Family Welfare, has infected 1,071 people so far.

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Sushma Bangera
June 4,2020

Kuwait: The Covid-19 pandemic has pushed the whole world into a difficult situation and the situation of Indians in Kuwait is not any different. Many people have lost their jobs, have no salary, are deprived of food and are not able to pay rent. The appalling conditions of labourers, domestic workers, taxi drivers and low waged earners don’t seem to end in Kuwait. 

At this trying situation when many people were even afraid of leaving their houses because of coronavirus, Suresh S. Rao Neramballi, volunteer of the Food Kit Distribution at the ICSG (Indian Community Support Group) has helped many tremendously. He was ready to go around delivering food kits at any time possible by his car. However, after Kuwait imposed a full curfew from 11th May 2020, no one could take out their vehicles unless they had a curfew pass. 

This did not stop Mr. Suresh Neramballi, who then borrowed a bicycle from a friend and ended up going around in the cycle delivering the food kits in curfew break time (4:30pm to 6:30pm) to all those who registered in the ICSG website. This selfless service surely commands appreciation and applause. Mr. Suresh Neramballi has been a light for many families and bachelors in Kuwait and will surely garner the blessings of them who have been able to eat at this time.

He was also the one who could deliver the food kits to many Indian Muslim maids, bachelors, laborers and families previous day and right on the day of EID, as they were not able to go shopping for their groceries for EID, due to the curfew. They blessed him in EID dua. 

Mr. Suresh Neramballi hails from Mangaluru, India and is an Engineer in the Oil sector company in Kuwait. He has been dedicated to social service, achieved 'Aryabhata International Award' for his Kannada Service and Social service, served in many Associations and Distributor of Kannada and Tulu Movies in Kuwait. He wholeheartedly thanks the people and government of Kuwait for his bread and butter.

Comments

Tanveer
 - 
Friday, 5 Jun 2020

May Almighty Allah shower His mescifull blessing on you and your family... Your selfless service will always be remembered,,,

M SHARIEF SULTAN
 - 
Thursday, 4 Jun 2020

God bless you and your family

abdullah
 - 
Thursday, 4 Jun 2020

God bless you brother and keep you healthy plus happy always.   You will be in the prayers of those who receivec your timely regardles they are hindu or muslim or christian.   This is a slap on the face of hate mongers who are always trying to divide the socieity in the name of religion.    Such people are burden to this world and society.   We should clean our society from such dirt and bad people.   Well done brother.  May God bless you.

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