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
February 22,2020

Bengaluru, Feb 22: President Ram Nath Kovind on Saturday said an ideal trade-off needs to be reached between new media -- which is fast and popular -- and traditional media which has developed skills to authenticate a news report, which is a costly operation.

Addressing the fourth edition of ‘the Huddle’ – the annual thought conclave of the Hindu here, he asserted that the internet and social media had democratised journalism and revitalised democracy, but had also led to many anxieties.

While the new media was fast and popular and people could choose what they wanted to watch, hear or read, traditional media would have to introspect on its role in society and find ways to earn the reader’s full trust again as "the project of democracy was incomplete without informed citizens – which means, without unbiased journalism."

Debate and discussion were internalised in India’s social psyche to arrive at truth since time immemorial, he said.

"There is no doubt that perception of truth is conditioned by circumstances. The conditions that cloud the truth’s positions are effectively dispelled by a contestation of ideas through debate, discussion and scientific temper. Prejudices and violence vitiate the search for truth."

Expressing happiness to attend ‘The Huddle’ organised by The Hindu, he said the Hindu group of publications had been relentlessly aiming to capture the essence of this great country through its responsible and ethical journalism. He commended them for their insistence on sticking to the five basic principles of journalism – truth-telling, freedom and independence, justice, humaneness and contributing to the social good, an official release here said.

Mr Kovind said dogmas and personal prejudices distorted the truth. In the 150th year of Gandhiji’s birth, he asked all to ponder over this question: "will it not be proper to pursue truth itself as the ideology? Gandhiji has shown us the path by walking ceaselessly in search of truth which would ultimately encompass every positive attribute that enriches the universe."

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coastaldigest.com news network
July 31,2020

Mangaluru, July 31: Coronavirus related deaths in Dakshina Kannada continued to surge, with the district administration recording five more fatalities in a day, thus taking the tally to 155.

The district has recorded multiple deaths every day from July 1 to 31. A majority of the deaths are due to comorbid conditions.

Among the five deaths reported today, a 47-year-old man from Mangaluru, was admitted to private hospital on July 30, and breathed his last on the same day. He was suffering from ARDS, Type 1 respiratory failure, COPD, Type II DM, HTN and died due to cardiac arrest.

Another patient was a 75-year-old man from Bantwal, who was admitted to a private hospital on July 23, and passed away on July 30. He was suffering from acute coronary syndrome, pneumonia (ARDS), metabolic encephalopathy, acute kidney injury, systemic hypertension, and type 2 diabetes mellitus.

The third patient was a 63-year-old man from Mangaluru, who was admitted to a private hospital on July 18, and passed away on July 30. He was suffering from ARDS, septic shock, renal failure, and secondary bacterial infection.

The fourth patient was an 88-year-old woman from Davanagere, who was admitted to a private hospital on July 9, and passed away on July 30. She was suffering from septic shock, and secondary bacterial infection.

The fifth patient was a 75-year-old man from Mangaluru. He was admitted to Wenlock hospital on July 15, and passed away on July 30. He was suffering from refractory ARDS, septic shock, renal failure, acute coronary event, arrhythmias, pulmonary thromboembolism, and hemoperitoneum.

The district administration said that though the above patients contracted coronavirus, the exact cause of their deaths is being investigated by a team of experts and their report is awaited.

On the other hand, Dakshina Kannada district recorded a total of 204 fresh cases, taking the tally to 5,713. Among the 204 new cases are 75 primary contacts, 63 with influenza-like illness (ILI), and 14 with severe acute respiratory illness (SARI). As many as 52 cases are under investigation. As many as 70 patients were discharged on Friday from Wenlock as well as private hospitals.

As per the district health bulletin, a total of 40,706 samples have been tested so far and 34,993 out of them have tested negative. Among the 5,713 positive cases reported in the district, only 2,929 are currently active. As many as 2,631 persons have recovered and been discharged.

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coastaldigest.com news network
May 31,2020

Bengaluru, May 31: With places of worship expected to reopen on June 8, the Karnataka State Minorities Commission has released guidelines for mosques and dargahs, that include social distancing, temperature testing and compulsory hand washing.

Abdul Azeem, commission chairman said, "Everyone will have to maintain one-metre distance and carry their prayer mats. They will all be scanned and Farz prayers will be held for 10-15 minutes. Friday prayers should be completed within 20 minutes."

Distribution of tabarukh, shaking hands, and overcrowding inside mosques will not be allowed.  The Muzrai department also issued guidelines for temples, like mandatory face masks, sanitisation of sanctum sanctorum and thermal screening.

In a letter, the Hindu Religious Institutions and Charitable Endowment Department mentioned that while temple authorities and devotees should wear masks, priests, helpers and workers are exempt, in the core area of the temple.

"Devotees should be scanned using infrared thermometers at the temple entrance, and must be given hand sanitiser. The temple trust is expected to bear the expenses," it added.

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