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 web desk
June 9,2020

Kozhikode, Jun 9: Kerala Chief Minister Pinarayi Vijayan's daughter Veena T is all set to marry DYFI National President and CPM state committee member PA Muhammad Riyas on June 15. Interestingly, it's the second marriage for both. 

Veena, the elder daughter of Pinarayi Vijayan and Kamala Vijayan, is an IT entrepreneur based in Bengaluru.

According to sources, the marriage will be a simple function in Thiruvananthapuram where only close relatives will participate. The marriage registration has already been done. 

"It's only a private affair of two individuals," Riyas told media persons, reluctant to divulge more details. 

The 44-year-old Muhammad Riyas started his political career with the Students Federation of India (SFI) and climbed up the rungs through DYFI. He had unsuccessfully contested against UDF's M K Raghavan from Kozhikode parliament constituency in 2009. 

The son of retired IPS officer P M Abdul Khadar, Riyas is the familiar face of the left in primetime TV discussions, strongly articulating the CPM stance. 

A law graduate, he had begun at the grassroots level and gradually worked his way up the ladder. 

His marriage to Dr Sameeha Saithalavi, a former syndicate member of Calicut University, happened in 2002. The couple separated in 2015 and they have two sons aged 10 and 13. 

The 40-plus Veena is MD of the IT firm Exalogic Solutions since 2014. 

Prior to that, she was the CEO of RT Technosoft, a Thiruvananthapuram-based company owned by NRI industrialist Ravi Pillai. Before that, she had a six-year stint with Oracle. She has a son from her first marriage. 

"They both were divorced for more than five years. They knew each other and the marriage decision was taken by them only. It's completely a private affair," said a DYFI leader.

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News Network
May 30,2020

Istanbul: Mosques in Turkey reopened on Friday for mass prayers after more than two months as the government further eased strict restrictions to stop the spread of the new coronavirus.

Turkey has been shifting since May to a "new normal" by easing lockdown measures and opening shopping malls, barbershops and hair salons.

President Recep Tayyip Erdogan has said many other sites -- restaurants and cafes as well as libraries, parks and beaches -- will reopen from Monday.

Hundreds of worshippers wearing protective masks performed mass prayers outside Istanbul's historic Blue Mosque for the first time since mosques were shut down in March.

In the Ottoman-era Fatih mosque, worshippers prayed both inside and outside, with the municipality handing out disinfectants and disposable carpets.

"I have waited a lot for this, I have prayed a lot. I can say it's like a new birth, thanks to God, he has brought us back here," he said.

Another worshipper, Asum Tekif, 50, said: "It has a been a long time... we missed the mosques."

Turkey, a country of 83 million, has so far recorded 4,489 coronavirus-related deaths and 162,120 confirmed cases.

Prayers in Hagia Sophia

Muslim clerics on Friday recited prayers in the Hagia Sophia, the world famous Istanbul landmark which is now a museum after serving as a church and a mosque.

The prayers were held to celebrate the anniversary of the conquest of Constantinople, today's Istanbul, by the Ottomans in 1453.

"It is very important to commemorate the 567th anniversary of the conquest ... through prayers in the Hagia Sophia," said President Recep Tayyip Erdogan, who attended the ceremony via videoconference.

The stunning edifice was first built as a church in the sixth century under the Byzantine Empire as the centrepiece of its capital Constantinople.

After the Ottoman conquest, it was converted into a mosque before being turned into a museum during the rule of Mustafa Kemal Ataturk, the founder of modern Turkey, in the 1930s.

But there have been hints about reconverting the Hagia Sophia into a mosque. Last year, Erdogan himself mooted the possibility of turning Hagia Sofia museum into a mosque.

Such calls have sparked anger among Christians and raised tensions with neighbouring Greece.

In 2015, a Muslim cleric recited the Koran in the Hagia Sophia for the first time in 85 years to mark the opening of an exhibition.

After Friday prayers at the Blue Mosque, a small group of Muslim worshippers shouted: "Let the chains break and let the Hagia Sophia open".

The group was later dispersed by the police who stopped them from protesting near Hagia Sophia that sits immediately opposite the Blue Mosque.

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coastaldigest.com news network
June 13,2020

Bengaluru, Jun 12: Karnataka on Saturday reported 209 discharges, as the state confirmed 308 new cases of COVID-19 and three related fatalities, taking the total number of infections to 6,824 and the death toll to 81.

With the 14 new cases, the total number of covid cases in Udupi district alone today reached 1005. Dakshina Kannada today reported 30 cases and the tally mounted to 263. 

Today highest cases were reported from Kalaburgi (67), followed by Yadgir (52), Bidar (42) and Bengaluru Urban (31). More details to follow.

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