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Telangana State seeks immediate Central intervention
State Finance department in a departmental communication to the Union Ministry of Finance on Wednesday conveyed the negative impact of demonetisation on the state finances.
Hyderabad: The State government has sought the Centre’s immediate intervention in overcoming the financial crisis due to fall in revenue following demonetisation of Rs 500 and Rs 1000 notes.
State Finance department in a departmental communication to the Union Ministry of Finance on Wednesday conveyed the negative impact of demonetisation on the state finances.
Top officials of the state Finance department told The Hans India that an official letter has been forwarded to the Union Finance Secretary Ashok Lavasa explaining the drastic fall in tax revenues since November 8.
Officials said that the objective behind writing a letter to the Union Finance Ministry is to bring to the notice of the Centre the problems being faced by the state due to delay in the release of central funds as well as the slowing down of the state economy. So far, the Centre had released Rs 6,977 crore, out of Rs 14,000 crore as its share in central taxes this year.
The release of state share in the central taxes during the third quarter was yet to be released.
The sources said the State government had received only Rs 4,200 crore as grant- in- aid from the Centre while it was expecting Rs 14,550 crore this year.
Hence, the State pleaded with the ministry for the immediate release of funds and grants- in- aid to maintain the fiscal balance during the third and fourth quarters of 2016-17 financial year. Officials said that the loans received from the union government were also mentioned in the letter.
Sources said that a team of officials of the State Finance ministry would be going to New Delhi soon to meet the officials of Union Finance Ministry and would submit a detailed report on the impact of demonetisation.
