[ecis2016.org] Three municipal corporations in Delhi, have collected over Rs 7 crores in the form of property tax and conversion charge paid by property owners, in demonetised high value bank notes
The three corporations of south Delhi, east Delhi and north Delhi, are accepting property tax dues and conversion charges in demonetised notes, resulting in a rush of property owners in November, which is normally a lean period with respect to tax revenue collection.
You are reading: Demonetisation: 3 Delhi civic bodies fetch Rs 7 crores in property tax
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[ecis2016.org] Ban on 500 and 1,000 rupee notes: Short-term shock, long-term benefit for property market
The South Delhi Municipal Corporation (SDMC) received property tax earnings of Rs 3 crores. On November 13, 2016, the collection was Rs 2.50 crores, while it was Rs 50 lakhs on the first day of the exercise, which was started after demonetisation of 500 and 1,000 rupee notes, said a senior SDMC officer.
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The North Delhi Municipal Corporation (NDMC) collected over Rs 3 crores as property tax and conversion charge. It was Rs 1.17 crores till the night of November 13, said a senior official of the civic body. Property tax collections of the East Delhi Municipal Corporation (EDMC), stood at Rs 1.35 crores, till 6 PM on November 13, said a senior EDMC officer.
People are preferring to clear their dues using old notes, rather than going to overcrowded banks to deposit their money, the officials said.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle
