TS Govt to study demonetization impact on daily basis

Hyderabad: The Telangana government today decided to study the impact of demonetisation of high currency notes on its revenue on a daily basis.

State Chief Secretary Rajeev Sharma, who held a meeting with senior officials, asked them to study the impact of demonetisation on the respective departments and also to meet everyday on the issue, a state government release said.

The Chief Secretary discussed the state revenue in the last seven months, the impact of demonetisation on revenues this month and the possibilities in future, it said.

He also asked the officials to keep a close tab on the ongoing developments and prepare a strategy for the future.

Telangana Chief Minister K Chandrasekhar Rao had met the Governor last week and was understood to have told him that demonetisation was likely to have a negative impact on the state.

The demonetisation of Rs 500 and Rs 1,000 currency notes is likely to cause about Rs 2,000 crore loss to Telangana per month, Rao told the Governor, sources had said.