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
January 18,2020

Kozhikode, Jan 18: A "fifth-generation dynast" Rahul Gandhi has no chance in Indian politics against a "hard-working and self-made" Narendra Modi, and Kerala did a disastrous thing by electing the the Congress leader to Parliament, historian Ramachandra Guha said here on Friday.

Guha said the reduction of the Congress from a "great party" during the freedom movement to a "pathetic family firm" now is one of the reasons for the ascendency of Hindutva and jingoism in India.

"I have nothing against Rahul Gandhi personally. He is a decent fellow, very well-mannered. But young India does not want a fifth-generation dynast. If you Malyalis make the mistake of re-electing Rahul Gandhi in 2024 too, you are merely handing over an advantage to Narendra Modi," said Guha on the second day of the ongoing Kerala Literature Festival (KLF) during his talk, "Patriotism Vs Jingoism".

Addressing the crowd, full of Keralites, he said, "Kerala, you have done many wonderful things for India, but one of the disastrous thing you did was to elect Rahul Gandhi to Parliament."

"Narendra Modi's great advantage is that he is not Rahul Gandhi. He is self-made. He has run a state for 15 years, he has an administrative experience, he is incredibly hard working and he never takes holidays in Europe. Believe me I am saying all this in all seriousness," he said.

But, even if Rahul Gandhi was "much more intelligent, more hard-working, never took a holiday in Europe, as a fifth generation dynast he still will be at a disadvantage against a self-made person", the 61-year-old author said.

He took on Congress president Sonia Gandhi too who, he said, reminded him of the "late Mughal dynasty" and how aloof they were of the state of their kingdom.

"India is becoming more democratic and less feudal, and the Gandhis just don't realise this. You (Sonia) are in Delhi, your kingdom is shrinking more and more but still your chamchas (sycophants) are telling you that you are still the badshah," he said.

Further, he quoted his teacher and noted Indian sociologist Andre Beteille to describe the story of Nehru-Gandhi family as a classic "reversal of the famous Biblical injunction": the sins of the father will be visited upon seven successive generations.

"In the Nehru's case, it is the sins of the seven successive generations have been re-visited upon Nehru... look at the national debate today. Why is Nehru evoked everytime? Why does Modi always say Nehru ne Kashmir mein yeh kiya, China mein yeh kiya, Triple Talaq mein yeh kiye ... because Rahul Gandhi is there.

"Now if Rahul Gandhi disappears, Modi has to talk about his own policies and why they failed," he said.

According to Guha, "Hypocrisy of the Indian Left -- the fact that they loved other nations more than India", "rise of aggressive nationalism worldwide" and "the rise of Islamic fundamentalism in neighbouring countries" are some other reasons behind the evident leap of Hindutva in India in the recent times.

Historian William Dalrymple, novelists like Benyamin, Namita Gokhale, Chetan Bhagat and journalists Karan Thapar and Rajdeep Sardesai are among the many other writers who will be attending the four-day festival.

The focus theme of KLF 2020 is environment and climate change.

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News Network
June 26,2020

Bengaluru, Jun 26: Karnataka recorded 445 new Covid cases, majority of whom were contacts of earlier positive cases, breaching the 11,000 mark to settle at 11,005, an official said on Friday.

"New cases reported from Thursday 5 p.m. to Friday 5 p.m., 445," said a health official on Friday.

In the past 24 hours, 10 patients succumbed to the virus in Karnataka, three in Bengaluru Urban and one each in Kolar, Dharwad, Shivamogga, Bagalkote, Bidar, Kalaburagi and Ballari.

Like everyday, contacts of earlier cases outnumbered domestic returnees in the number of infections, constituting 39 per cent.

Positive cases with domestic travel history numbered 65, a mere 15 per cent and majority to Maharashtra.

There were also 21 cases with international travel history to countries like Oman, Qatar, Saudi Arabia and Dubai.

On Friday, cases spiked in Bengaluru Urban, Ballari, Kalaburagi, Koppal, Dakshina Kannada, Dharwad, Raichur, Gadag, Chamarajanagar, Udupi, Yadgir, Mandya, Uttara Kannada, Bagalkote, Shivamogga, Kolar and Mysuru.

Among the new cases, Bengaluru Urban accounted for 144, followed by Ballari (47), Kalaburagi (42), Koppal (36), Dakshina Kannada (33), Dharwad (30), Raichur (14), Gadag (12), Chamarajanagar (11), Udupi (9), Yadgir (7), Mandya, Uttara Kannada, Bagalkote, Shivamogga and Kolar (6 each).

Mysuru (5), Chikkamagaluru and Kodagu (4 each), Hassan and Bengaluru Rural (3 each), Vijayapura, Tumkur and Haveri (2 each) and Bidar, Belagavi, Davangere, Ramanagara and Chitradurga (1 each).

As many 144 patients are suffering from Influenza-like Illness (ILI) and 19 from Severe Acute Respiratory Infection (SARI).

In all, 5.68 lakh samples have been tested so far, of which 5.41 lakh tested negative.

Meanwhile, 178 patients are admitted in the ICU.

Of the total 180 deaths, Bengaluru Urban has accounted for 81, followed by Bidar (16), Kalaburagi (15), Ballari (9) and Dakshina Kannada (8), among others.

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News Network
February 6,2020

Mangalore, Feb 6: The first Rashtriya Lok Adalat of 2020 will get started from Feb 8, A district judge has announced, adding that it is being organised by Karnataka Law Services Authority and Dakshina Kannada Law Services Authority.

Speaking to media on Wednesday evening, Justice Sathyanarayana Acharya Kandlur said, "4,820 cases were resolved through Lok Adalat last year. 618 cases have been registered so far to be decided under the Lok Adalat."

Familial, civil and revenue cases of cheque dishonour, financial extortion, cases related to telephone, electricity, water, land encroachment and acquisition, motor vehicle cases, labour issues and maintenance expenses will be decided in the Lok Adalat.

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