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
August 1,2020

Bengaluru, Jul 31: A total of 5,483 new COVID-19 cases and 84 deaths were reported in Karnataka in the last 24 hours, the state's health department informed on Friday.

Karnataka now has a total of 1,24,115 coronavirus cases, including 72,005 active cases and 49,788 discharges.
So far, 2,134 deaths have been reported from the state.

Meanwhile, India reported the highest single-day spike of 55,079 COVID-19 cases in the last 24 hours, crossing the 16-lakh mark, the Ministry of Health and Family Welfare informed on Friday.

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coastaldigest.com web desk
July 6,2020

Wayanad, Jul 6: DM Education and Research Foundation (DMERF), headed by Dr Azad Moopen, has come forward to handover DM WIMS Medical College, Nursing and Pharmacy Colleges and its associated institutions in Wayanad to the Kerala Government. 

According to Azad Moopen, Managing Trustee, DMERF, the Kerala Government has been deliberating to set up a medical college in the area over the last 7-8 years to address the challenges being faced by the local population due to lack of local availability of advanced healthcare facilities under the government sector. 

The handover by DMERF would address the Government's need. DM WIMS is one of the few NABH accredited medical colleges in the country, he said.

The DM WIMS Medical College and its associated institutions were established by the DMERF Trust 10 years ago to help the backward community of the district. 

Run in a charitable manner, the medical college has a capacity of 150 seats and has seen two batches of doctors graduate from the institution. With a total built up area of 14 lakh sq feet, it also has a 700-bed super-specialty hospital catering to the local community and helping in training healthcare professionals, a 100-bed specialty hospital, a pharmacy college, and a nursing college.

A new medical college by the government will require substantial investments and minimum of 5 years to become functional. “We think that DM WIMS can cater to the requirement of the government and setting up another medical college might not be required to cater to the existing population,” he said.

Moopen also announced a donation of Rs 250 crore out of the total investment in the institutions to the government to provide treatment to the needy population in the backward, landlocked district and to train good quality doctors from the State.

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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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