Revenue takes a staggering dip in several Indian states!

Ever since the Indian Prime Minister Narendra Modi announced his so-called ‘surgical strike’ on nation’s black money, the country has been hit in several ways and the situations are showing no signs of improvement. It was pretty much obvious that the economy of the nation is also going to take the back seat for good period and so it happened.

The commoners have been suffering, the farmers are waiting patiently for the situation to improve, people are dying all across the nation, bankers are muddled up and currently, the civilians have very little patience left in them.

The state governments are also incurring severe revenue losses and they might just suffer a lit bit more than it is expected.

As for example, Maharashtra government's daily average collection through property registrations and stamp duty has fallen to ₹42 crore from ₹crore. It is 37 percent lower than the normal.

Telengana might suffer a mammoth loss of ₹2,000 crore per month and that is not how a state can run. Chief Minister of the state has already expressed his concerns to the Governor.

On the other hand, the commercial taxes, stamps & registration and excise departments of Karnataka are also seeing a staggering fall in the revenue. The senior officials of the respective departments have already met the Karnataka chief minister Siddaramaiah and discussed the grave situation.

These are just three states out of the many who have been suffering since the currency ban. If the cash crunch situation does not improve one cannot even imagine the very sight of each and every state after a while and it is nothing but clear that the central government has to step in quickly and should take some counteractive measures to avoid a sorry situation in the near future.

• Revenue hit by currency ban
• Currency ban
• demonetisation
• Narendra Modi