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Ban dents State coffers
Chief Minister K Chandrashekhar Rao on Thursday met Governor E S L Narasimhan and discussed issues arising out of the ban on use of Rs 500 and Rs 1,000 denomination notes in the country.
Hyderabad: Chief Minister K Chandrashekhar Rao on Thursday met Governor E S L Narasimhan and discussed issues arising out of the ban on use of Rs 500 and Rs 1,000 denomination notes in the country.
The Chief Minister told the Governor that the government might lose about Rs 2,000 crore in revenue as the real estate sector had taken a big hit with the number of registrations falling to 300 on Thursday from an average of 3,000 transactions a day. About 150 transactions took place on Wednesday.
While on Wednesday, 1,700 vehicles were sold, the number of vehicles purchased on Thursday came down to 1,100. The sale of electronic gadgets had also seen a dip up to 90 per cent. The Chief Minister said that Centre had cut the funds by 42 per cent this month and this would cause Rs 400 crore loss.
Usually funds would be cut at the end of the financial year, but starting the cut from November would damage the interests of the State, he said. He also discussed the request of the AP government to allocate land for construction of AP Bhavan and demolition of the Secretariat building.
