Demonetization: T estimates revenue loss above Rs.3,000 crore

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The State Government is likely to take a hit of more than Rs.3,000 crore on account of the Central Government’s decision to withdraw high-denomination notes of Rs.500 and Rs.1000, Chief Secretary Rajiv Sharma told Central Government’s Additional Secretary R. Subrahmanyam at a meeting here on Wednesday.

Other than the reduction in the State’s income, many poor people had lost their livelihood and among those suffering were construction workers, small farmers, traders and workers of the film industry, he explained. Other than providing special financial assistance to Telangana, the Centre should release pending CST arrears.

Mr. Sharma, who met the Central team including Deputy Secretary Anamika Singh along with his senior colleagues, to explain the impact of demonetization in the State, appealed to the Union Government to allow Mark fed and State agencies to provide necessary inputs to farmers using the old Rs.500 and Rs.1000 notes.

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