Compensate loss due to demonetisation: Telangana tells centre

A P Jithender Reddy said with this "panic situation, the state's revenue has come to a standstill, which is jeopardising our plans".

By: PTI | Hyderabad | Published:November 15, 2016 3:06 pm

Telangana’s revenues have taken a severe beating following the demonetisation move, and the state wants the Centre to compensate for this loss, a key leader of the ruling TRS said on Tuesday. A P Jithender Reddy, TRS (Telangana Rashtra Samiti) floor leader in the Lok Sabha, said Prime Minister Narendra Modi’s intention to curb black money (by demonetisation move) is welcome, but the way it was implemented was not correct.

He recalled that high value currencies were made invalid within four hours of the announcement on demonetisation. “With this panic button, all professionals, all the labour class people, employees, everybody have come onto the streets for changing the money (old currency),” Reddy told PTI, adding that the economy of the newly-born state of Telangana has come to a “standstill”.

Stating that Telangana Chief Minister K Chandrasekhar Rao has adopted a target-based approach in implementing various Government programmes in a time-bound manner, the Mahabubnagar MP said “with this panic situation, the state’s revenue has come to a standstill, which is jeopardising our plans”.

“So, I have requested the Prime Minister that the revenue loss occured by the state should be compensated by the Centre,” Reddy said. “Whatever taxes supposed to come to the state…for example, registration fees (property) affected, RTA (Regional Transport Authority) money (motor vehicles registrations) has been affected … commercial taxes, sales taxes, all the revenues, excise has been hampered now,” he said.

“Revenue for the state has stopped,” he said. TRS is not (not) for rolling back the move, and would not join ranks with some opposition parties demanding its withdrawal, Reddy said, adding, “our demand will be basically compensation (for the loss)”. PTI RS GKT’gana wants Centre to compensate loss due to demonetisation

Hyderabad, Nov 15 (PTI) Telangana’s revenues have taken a severe beating following the demonetisation move, and the state wants the Centre to compensate for this loss, a key leader of the ruling TRS said on Tuesday.

A P Jithender Reddy, TRS (Telangana Rashtra Samiti) floor leader in the Lok Sabha, said Prime Minister Narendra Modi’s intention to curb black money (by demonetisation move) is welcome, but the way it was implemented was not correct.

He recalled that high value currencies were made invalid within four hours of the announcement on demonetisation. “With this panic button, all professionals, all the labour class people, employees, everybody have come onto the streets for changing the money (old currency),” Reddy told PTI, adding that the economy of the newly-born state of Telangana has come to a “standstill”.

Stating that Telangana Chief Minister K Chandrasekhar Rao has adopted a target-based approach in implementing various Government programmes in a time-bound manner, the Mahabubnagar MP said “with this panic situation, the state’s revenue has come to a standstill, which is jeopardising our plans”.

“So, I have requested the Prime Minister that the revenue loss occurred by the state should be compensated by the Centre,” Reddy said. “Whatever taxes supposed to come to the state…for example, registration fees (property) affected, RTA (Regional Transport Authority) money (motor vehicles registrations) has been affected … commercial taxes, sales taxes, all the revenues, excise has been hampered now,” he said.

“Revenue for the state has stopped,” he said. TRS is not (not) for rolling back the move, and would not join ranks with some opposition parties demanding its withdrawal, Reddy said, adding, “our demand will be basically compensation (for the loss)”.

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  1. Z
    zafar gani
    Nov 15, 2016 at 10:13 am
    KCR greasing Feku for favours wont give him anything. Feku is neither an economist and nor a gentleman like Manmohan Singh who had good advisors. Feku's jewels Goa feni , ddca agent and dhoti angel dont have any idea about India. Their brainless ideas make people of India suffer. Supreme courts observation ón Feku's demonetization proves this. God should save us from Feku
    Reply
    1. S
      Shubham Jaiswal
      Nov 15, 2016 at 4:30 pm
      Kcr has become a mad person I guess when w country is supporting our pm he is not supporting.lt;br/gt;He was a good man I guess because he was main person in the formation of telangana.
      Reply
      1. S
        srinivasa sastry
        Nov 16, 2016 at 6:50 am
        Sad to note Tel angina Govt is running lt;br/gt;Mainly on the income from liquor s,and land registrations and in the absence of these sources Govt is unable to pay ries to employees and complete development works.lt;br/gt;In other words,it gives an impression that this is Govt of liquor barons and real estate mafia.As regards other tax revenues, Tel angina is not alone,including central Govt.
        Reply
        1. T
          Tenneti Tenneti
          Nov 19, 2016 at 9:35 pm
          Adequate confessionlt;br/gt;Schemes halted as no kickbacks in black moneylt;br/gt;Needs a regularisation scheme for his UNACCOUNTED MONEY
          Reply