By Bizodisha Bureau, Bhubaneswar, January 10, 2017 : Odisha’s revenue collection has dropped by 11 per cent in December compared to November last year.

Officials attributed demonetization of higher currencies of Rs 1000 and Rs 500 denominations as the main reason for dip in the revenue collections in the state.

“The revenue collection had decreased by 11 per cent in December last year as compared to November. We will have to see in the coming months after the infusion of new currency notes whether the economic activities are picking up. This will compensate the revenue collection loss to some extent,” finance secretary Tuhin Kant Pandey told media persons on Tuesday.

What is still worse is that the excise revenue has gone down by nearly 20 per cent post the demonetization effective from November 8 midnight.

“Our revenue has decreased in Excise, VAT and stamp duty on property registration etc,” he added.

The state government levies a stamp duty of 5 per cent and property registration charges of 2 per cent in urban areas. The revenue generated from these has come down as transactions have affected after the scrapping of notes.