Demonetisation adversely affected registration of properties in Karnataka: Minister

BENGALURU: Industries minister RV Deshpande on Wednesday informed the assembly that property registration had fallen drastically in Karnataka in the wake of demonetization.

However, Deshpande did not furnish specific details on the exact losses that the state had incurred as a result of the Centre’s decision to withdraw two high denomination notes. “Chief minister Siddaramaiah will provide the exact figures in his budget speech,” Deshpande said.

In the course of a debate on the governor’s address, Congress leader Rajanna pointed out that demonetisation had dealt a severe blow to cooperative societies, and consequently added to the problems of the common man. He also highlighted the Centre’s failure in tackling the menace of black money, as was promised.

Rajanna’s remarks were met with severe objections from the BJP leaders, who said that the state was trying to shift the blame for its failure on to the Centre. “Demonetisation has actually impacted the Congress more than the farmers, and the poor,” said CT Ravi of the BJP.

Intervening in the debate at this juncture, Deshpande said, “Rajanna has all the rights to address issues affecting the state. We welcome the fight against black money, but demonetisation has made life difficult for the poor.”

Finance department officials estimate that the loss sustained by the state, as a consequence of demonetisation, could amount to Rs 3,000 crore by March.

Credits ET Realty

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