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Note ban puts paid to early budget plan
The spiraling effect of demonetisation put the State government under pressure following which it has decided not to go in for presentation of early budget but to continue with the earlier practice of presenting the budget during the third week of March.
​Hyderabad: The spiraling effect of demonetisation put the State government under pressure following which it has decided not to go in for presentation of early budget but to continue with the earlier practice of presenting the budget during the third week of March.
It may be recalled that the State government wanted to emulate the Centre which had decided to introduce budget in early February as against the normal practice of introducing it on the last day of February.
But as the revenue generation had taken a beating after November 8 when the Centre announced demonetisation of Rs 500 and Rs 1000 notes, the government is yet to know as to what would be the exact quantum of impact on the State revenues.
The Finance Minister Eatala Rajender had himself said on the floor of the Assembly that the exact figures would be known only in January.
The officials said all the departments including Revenue, Welfare and Development wings were busy studying the impact of the currency crisis in each sector, and added that the preliminary estimations indicated that the revenue loss might be high due to sudden slump in land registrations, vehicle purchases and commercial taxes.
As a precautionary measure, the government had decided not to release funds for various projects till it ascertains the exact negative impact on the State economy.
According to officials, Chief Minister K Chandrashekar Rao is learnt to have instructed the Finance department to give up the idea of presentation of budget in February.
Chandrashekar Rao asked the Finance Department to be ready for consultations with him to prepare budget proposals from January.
The normal practice all these years was to start the exercise to prepare the budget and hold department-wise meetings from December.
The 2015-16 and 2016-17 budgets were presented on March 12 and 14 respectively in the Assembly.
However, officials said the government would present unified budget by not specifying plan and non plan as adopted by the centre from next year.
