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
December 31,2024

Mangaluru: In a heartwarming act of selflessness, the family of a 52-year-old auto-electrician from Mangaluru chose to donate his organs after he was declared brain dead in Abu Dhabi. This decision brought hope and new life to four people, turning a personal tragedy into a legacy of compassion.

Sudhakar, son of Chakku, hailed from Ekkur in Magaluru, and worked in Al Ain for nearly five years, continuing a 15-year career in the UAE. On December 14, while at work, Sudhakar experienced dizziness and was rushed to a clinic. His condition worsened as his blood pressure fluctuated. Due to insurance complications, he was referred to multiple hospitals before being diagnosed with a brain clot. A surgery was performed with his company’s consent, but during the procedure, Sudhakar suffered a cardiac arrest and was placed on a ventilator. Despite the family’s hopes for his recovery, he was declared brain dead on December 18.

Faced with an emotionally wrenching decision, the family chose to honor Sudhakar's memory by donating his organs. "The authorities contacted us for our consent, and the entire family, including his wife Seema and her father, participated in a conference call. Though it was a tough decision, we agreed to give life to others through him," shared Ganesh, Sudhakar's elder brother.

On December 23, at Cleveland Clinic in Abu Dhabi, Sudhakar’s lungs, liver, and kidneys were successfully retrieved for transplantation, giving four people a second chance at life. "We are proud that even in his passing, Sudhakar became a beacon of hope for others," said Ganesh.

The authorities extended immense support to Sudhakar’s family, ensuring the respectful transport of his mortal remains to Mangaluru. They also sponsored the travel of a family member to accompany the body, which arrived on December 27. Sudhakar's final rites were conducted the same day.

Sudhakar leaves behind his wife Seema, a homemaker, and two children, Sakshi, 20, and Sakshath, 11. While the family takes solace in his final act of generosity, they hope for support in securing the children's education and future.

Sudhakar’s story serves as a poignant reminder of how even in loss, one can choose to give the ultimate gift of life to others.

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
January 6,2025

Bengaluru: An eight-month old baby has been detected with the human metapneumovirus (HMPV) in a Bengaluru hospital on Monday, with reports going viral online. This is likely the first reported case of HMPV in the country after the recent spike in China.

The baby is reportedly undergoing treatment in a private hospital in northern Bengaluru.

The Karnataka state health department has maintained that there is no cause for concern.

"We don't know what strain of virus is spreading in China. Without knowing that, we cannot say that this reported case is concerning. We have been reviewing all influenza-like illnesses (ILIs) from December to check for any strain that is concerning. There is no such concerning spike across the state or country," said a well-placed source in the state health department.

The HMPV is a known virus (first discovered in 2001) that causes respiratory symptoms similar to that of a common cold, largely affecting children below the age of five. It is not a new virus.

Cases have been reported in the past, especially in the winter season, note experts and health department officials, making it not an immediate concern, unless an unusual spike is observed.

In December 2024, 714 suspected cases of HMPV were tested in 16 Virus Research and Diagnostic Laboratories (VRDLs) across the country, of which only nine were confirmed positive.

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
January 9,2025

Udupi: In a shocking case of cyber fraud, a 38-year-old woman from Karkala in Udupi district, has reportedly lost Rs 24 lakh to a digital arrest scam. The victim, Preema Sheril D'Souza, fell prey to a fraudulent scheme orchestrated through fake calls and threats.

According to the complaint filed, the incident unfolded on Tuesday when Preema received a call at 12:30 pm from an individual claiming to represent the Delhi Telecom Department. The caller alleged that another SIM card had been purchased using her Aadhaar number and was being used for illegal activities in Uttar Pradesh, leading to multiple cases being registered against her.

To add credibility to the scam, the caller arranged a video call where a person dressed as a police officer introduced himself as a CBI official. This individual instructed her to cooperate with the "investigation" and warned her not to disclose the matter to anyone. The scammer also issued threats, claiming that harm would come to her husband and child if she failed to comply.

Under duress, Preema was coerced into sharing her bank account details and transferring a staggering Rs 24 lakh to accounts specified by the fraudsters. She transferred Rs 14 lakh to an account in Federal Bank and Rs 10 lakh to an account in Yes Bank via RTGS from her Fixed Deposit account. The threats of an arrest warrant further pressured her into complying with the scammers' demands.

Upon realizing the fraud, she reported the incident to the authorities. A case has since been registered at the Karkala Rural Police Station, and investigations are underway.

This incident serves as a critical reminder to stay vigilant against such scams. Individuals are advised to verify the identity of callers and refrain from sharing sensitive information or transferring money without proper authentication. If you encounter similar fraudulent activities, report them immediately to the police or cybercrime cell.

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.