Note ban: Rawat orders probe into transactions over Rs 50L

Expressing apprehensions that some people knew in advance about the Centre's demonetisation move, Chief Minister Harish Rawat on Friday ordered a probe into land and property transactions worth over Rs 50 lakh after November 8 in the state.

"I have issued orders that land and property transactions worth beyond Rs 50 lakh in the state after November 8, the day demonetisation was announced, be probed," Rawat told reporters here.

As many as 108 land and property transactions worth over Rs 50 lakh have taken place in the state after November 8, out of which Dehradun alone accounts for 72 such deals, he said.

He said the state's own agencies will carry out the probe into these transactions but did not disclose the timeframe given to them for the exercise.

Explaining the reason behind the probe, he said it seems some people knew in advance about the demonetisation move and hence bought land and property on such scale.

However, in reply to a question, he said land registration cases had registered a drop of about 32 per cent since demonetisation whereas there had been a 35 per cent reduction in land registration fees.

The revenue of the mining department had also recorded a drop of 21 per cent and procurement of all agricultural produce except oilseeds had been adversely affected, he said.

Noting that demonetisation had led to an 18 per cent drop in the November turnover of state government undertakings like the Garhwal Mandal Vikas Nigam and Kumaon Mandal Vikas Nigam, the chief minister said it confirms that the Central government's move had caused Uttarakhand a loss of around Rs 500-700 crore.