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 19,2020

Mangaluru, Feb 19: The Plenary Assembly of the Conference of Catholic Bishops of India (CCBI) of the Latin Church elected Bishop Peter Paul Saldanha, Bishop of Mangalore, Karnataka, as the new Chairman of the CCBI Commission for Liturgy.

The Conference also elected 26 Bishops of the CCBI to participate in the three-week Golden Jubilee Conference of the Federation of Asian Bishops’ Conferences (FABC) to be held in November 2020 at Bangkok in Thailand. The one day meeting of the CCBI discussed various matters affecting the Latin Catholic Church in India, which consists of 132 dioceses and 190 Bishops.

The CCBI animates the Church in India through its 16 Commissions and 4 Departments. Its main Secretariat is in Bangalore with extensions in Goa, Delhi and Pachmarhi (MP).

The Conference of Catholic Bishops of India (CCBI) which is the Canonical National Episcopal Conference is the largest in Asia and the fourth largest in the world.

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News Network
January 21,2020

Bengaluru, Jan 21: Karnataka Chief Minister's political adviser MP Renukacharya has courted controversy yet again with his remarks targeting the Muslim community at a pro-CAA rally in Karnataka on Monday.

Addressing a rally in support of the new citizenship law, the BJP lawmaker accused Muslims of collecting weapons in mosques instead of praying. "There are few traitors who sit in a masjid and write fatwas. They collect weapons inside the mosque instead of praying. Is this why you want a Masjid," Renukacharya said on Monday.

Renukacharya said he won't hesitate to use the money allotted to Muslims for Hindus. "I will resort to such politics in my taluk where the money allotted for Muslims can be used for Hindus. I will put you [Muslims] in your place and show what politics is," said Renukacharya, who is a close aide of CM BS Yediyurappa.

This is not the first time a Karnataka BJP leader has made communal remarks targeting the minority community. Earlier, BJP MLA Somashekar Reddy had made controversial remarks at a pro-citizenship law protest in Ballari when he asked those opposing the Citizenship (Amendment) Act to think of the "consequences" if the majority community members hit the streets against them.

The MLA had said, "If you do any drama, then if 100 per cent people come, understand what will be your situation. Congress people are lying to you, believing them you are coming on streets. We are 80 per cent, you are 17 per cent, if we react, what will be your situation? Be careful," Reddy had said.

Following outrage, a case was filed against Somashekar Reddy for alleged provocative speech targeting those protesting against the amended citizenship law.

Comments

neshu mangalore
 - 
Tuesday, 21 Jan 2020

Hatred has no space in this world!!! these cheap politicians must show thier ways by the electing public .else conflicts never end .....Spread Peace..

 

God is watching!!!!

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News Network
March 31,2020

Bengaluru, Mar 31: Persons under home quarantine are directed to send their selfies to the Karnataka government in every one hour, failing which they will be shifted to the state quarantine centres, said Medical Education Minister Dr K Sudhakar on Monday.

"All persons under home quarantine shall send their selfies to the government on a mobile application in every one hour. Failing to do so, teams will reach such defaulters and they will be liable to be shifted to quarantine centres made by the government," he said.

The home quarantine persons will be given an exception for taking selfies during the sleeping time from 10 pm to 7 am.

"There will be an exception in this order for sleeping time, from 10 pm to 7 am," he said.
The total number of COVID-19 cases in Karnataka climbed to 88 on Monday after five more persons tested positive for coronavirus.

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 state health 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 1,251 people so far.

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