Demonetisation paralysed the revenue, says Andhra Pradesh finance department officers
Senior officers of Andhra Pradesh finance department have shown serious distress about the impact of demonetisation during a cabinet meeting with the Chief Minister Chandrababu Naidu and other ministers held on Thursday. They opined that the withdrawal of big currency notes had left the revenue paralysed. “If the situation continues to be the same, there will be no surprise if we lose Rs.1000 crore during the current fiscal only due to the demonetization,” the officials said.
Naidu, who backs the demonetisation move, said that the decision would help the country in longer run though there would be short term pains. He also said that he would take up the issue with the Union Finance Minister Arun Jaitley.
Finance department officials briefed the state cabinet that the exchequer had already lost Rs.800 core of revenue in the last three weeks.