Demonetisation hits revenue of registrations and stamps department

Srikakulam: After the announcement of demonetisation on November 8, 2016, a fall in revenue collections was reported during the past 15 months in the registrations and stamps department in Srikakulam district. In all, 15 sub-registrar offices are functioning across the district. Immediately after demonetisation, revenues fell to Rs 5.23 crore and achieved only 45.26 per cent out of the monthly revenue target of Rs 11.56 crore.

After realising the impact of demonetisation, the government reduced the target of revenue collections in April 2017 to Rs 8.90 crore from Rs 14.96 crore, and as a result, it rose slightly to 77.42 per cent. Also, in May, the target amount was reduced to Rs 7.79 crore. The monthly target was not enhanced till February 2018 and this month’s target was Rs 10.01 crore and revenue was Rs 10.42 crore. 

A lot of fluctuations have been recorded in the monthly revenue collections from December 2016 to February 2018. In December 2016, Rs 5.23 crore revenue collections were reported and in next month, they dropped to Rs 4.31 crore. In February 2017, the revenue was Rs 6.81 crore and again, it was increased to Rs 7.94 crore in March and dropped to Rs 6.89 crore in April. In May it was increased to Rs 10.64 crore and in June, slipped to Rs 9.36 crore.

“We have been slowly recovering from the impact of demonetisation  and revenues started increasing from February this year and we are expecting that the same tempo will continue till the monsoon season as land and property transactions are normally high in summer,” District Registrar Ch Janaki Devi said while speaking to The Hans India. 

By Chowdari Lakshmana Rao