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 ....

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 20,2020

Bengaluru, May 20: 63 more COVID-19 cases have been reported from Karnataka, taking the total number of coronavirus cases in the state to 1,458 on Wednesday, said the state Health Department.

The total number of cases includes, 864 active cases and 41 deaths (one due to non-COVID cause), it added.

Total 10 people have been discharged today while 553 persons have been discharged so far.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 10,2020

Bengaluru, Jul 10: Alarmed by the surging COVID-19 cases across the state, especially in Bengaluru, Karnataka Chief Minister BS Yediyurappa on Thursday urged the state capital’s residents not to visit their villages to prevent the infection’s spread.

“I urge the people of Bengaluru not to travel to their villages and prevent the infection from spreading in rural areas,” Yediurappa told reporters.

Admitting that the battle against the virus would be long, he said that the fight against COVID-19 could be won only through persistent efforts and with people’s cooperation with the frontline ‘warriors’.

“Combating the pandemic through preventive measures, providing treatment to the infected and saving lives are our priority,” he said.

With a record 2,228 positive cases on Thursday, the southern state’s COVID-19 tally shot up to 31,105, including 17,782 active cases, while 457 people have died of the infection till date, 17 just in the last 24 hours.

Of the new cases in the state, Bengaluru accounted for 1,373, taking its tally to 13,882, including 10,870 active, while 177 have succumbed to the virus since March 9.

No deaths were, however, reported in the city on Thursday.

Of the 457 patients in intensive care units (ICU) across the state, 292 are in Bengaluru hospitals.

Since unlock began on June 1, COVID-19 cases shot up to 15,242 on June 30 from 3,221 on May 31 and to 31,105 in 9 days since July 1.

Similarly, in Bengaluru, positive cases shot up to 4,555 on June 30 from 358 on May 31 and rose to 13,882 in 9 days since July 1.

The Chief Minister also appealed to all legislators of the ruling and opposition parties to give priority to contain the disease in their Assembly segments.

“Visit the COVID-19 designated hospitals and inspect if the required facilities are in place and bring any shortcomings to our notice,” the CM said

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 1,2020

Mysuru, May 1: Four people who brought a dead man’s body from Mumbai for cremation in his native place in Mandya district in Karnataka have tested positive for Covid-19 virus, and now the administration is trying to find out if the man himself had been an undetected positive.

According to Mandya district deputy commissioner M V Venkatesh, the deceased man was a 53-year-old native of B Kodagalli of Pandavapura taluk, Melkote hobli in Mandya district. He died after suffering a heart attack at the U N Desai government hospital in Mumbai on April 23.

The cremation took place outside the man's native village after the local administration refused to allow it inside the village.

Wanting the final rites performed in his native place, the man’s family got the body embalmed and procured all the medical records and certificates from the hospital and brought it in an ambulance belonging to the Desai government hospital.

When they reached Pandavapura taluk in Karnataka on the evening of April 24, the local administration did not allow the body to enter the village but allowed the relatives to cremate it outside the village.

And since the family had come from Mumbai, the district administration quarantined all seven of the man’s relatives, and their samples were sent for testing on 28 April.

The results showed that the deceased man’s 25-year-old son, daughter-in-law, daughter, and two-year-old grandchild are positive for Covid 19. All of them have been admitted at the Mandya Institute of Medical Sciences although they have no symptoms.

Deputy commissioner Venkatesh said that in the Desai hospital records in Mumbai there was no mention whether or not the man had been tested for Covid-19. “We are writing to Desai hospital to clarify if the deceased person was tested for Covid 19. It is also possible that the family got infected by the man’s son who works in the loan department of ICICI Bank in Mumbai and visits several offices in different areas of Mumbai,” he said.

The man’s ancestral B Kodagalli village now has been sealed off. Though tests done on other members of the family have come back negative, the Mandya administartions plans to repeat their tests.

So far 26 people have tested positive for Covid 19 in Mandya district.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.