Published On : Fri, Nov 11th, 2016

Demonetization of Rs 500 and Rs 1000/- notes has proved to be profitable to NMC

: With the demonetization of Rs 500 and Rs 1000/- notes, the citizens are exploring various means of disposing off the cash which they had been stashing away for such a long time. One such very interesting means of disposing off their old demonetized notes of Rs 500/- and Rs 1000/- was observed at the office of Nagpur Municipal Corporation Property Tax.

After the Maharashtra government intervened and permitted the payment of tax with old demonetized notes of Rs 500/- and Rs 1000/- , the amount of property tax remitted by citizens amounted to Rs 4.56 crores till 5 pm of November 11, 2016. On the other hand, nearly Rs 30 lakhs to Rs 35 lakhs was remitted by the citizens into the Market Department.

Chief of Tax Collection Department of Nagpur Municipal Corporation Milind Meshram informed that the all the tax collection offices of the Headquaters and different zones will remain open till 12 midnight. Till 5 pm 90% of the notes that deposited by citizens include old demonetized notes of Rs 500/- and Rs 1000/-. Most of the property tax which the citizens had deposited was allegedly pending for many years.

Avanti Kumar Kothari who lives near Nikalas Mandir falling in Gandhibagh Zone had paid property tax amounting to Rs 1.81 lakhs which was due from the year 2008 till 2017. All the notes deposited were demonetized notes of Rs 500/-.

According to Milind Meshram, the maximum amount of property tax deposited was made in Laxmi Nagar Zone. It is estimated that by midnight of November 11, 2016, the amount will touch Rs one crores.

Milind added that 30-35 additional counters have been created to enable customers to pay their property tax. After 5 pm, the counters will be open only in the NMC Zonal offices. The property tax collection for Zone 6 to 10 is being received by representatives of Yes Bank and Axis Bank. The property tax for Zone-1 to Zone 5 is being received by NMC personnel themselves.

Meshram also claimed that the target for Tax collection for the market department is said to be Rs 4.36 lakhs, however, till 5 pm of November 11, 2016, the amount collected is amounting to Rs 35 lakhs. The maximum amount collected was collected by Mangalwari Zone which is amounting to Rs 7 lakhs.

The officials of Market Department of every zone have already collected the amount and have deposited the amount at Bank of Maharashtra, situated in NMC head-quarters.