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Bank Deposit Accounts (BSDAs) picks-up during the year 2015-16 in view of the Government s initiative under the Pradhan Mantri Jan Dhan Yojana (PMJDY)

News and Press Release - Dated:- 13-1-2016 - The Union Finance Minister Shri Arun Jaitley said that there was considerable improvement in the opening of Basic Savings Bank Deposit Accounts (BSDAs) during the year 2015-16 in view of the Government s initiative under the Pradhan Mantri Jan Dhan Yojana (PMJDY). He said that BSDAs reached 440 million for the period ended September 2015 as against 398 million for the year ended March 2015. The Finance Minister said that as part of the Governance Refo .....

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pecific so that the need to interact with bank is eliminated or minimized. The Finance Minister was making the Opening Remarks during his Pre -Budget Consultative Meeting with the representatives of Banks and Financial Institutions (FIs) here. Various suggestions were made ruing the meeting by the representatives of Banks and FIs. The major suggestions included increase in exemption limit to ₹ 2.5 lakhs for savings under the Income Tax Act, incentives for encouraging cashless transactions .....

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ds to cater to infrastructure requirements and regulatory treatment of these bonds at par with the domestic infra bonds guidelines. Other suggestions included broad based FDI in agriculture sector, introduction of a New Crop Insurance Scheme backed by technology and fully integrated financial inclusion and biometric authentication initiatives of the Government. New Crop Insurance Scheme needs to be redesigned so that the compensation covers not only the cost of cultivation but also some part of .....

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ome an impediment in the monetary transmission process. Other suggestions included that income which is subject to distribution tax and subsequently exempted in hands of recipient be excluded from the scope of the Section 14A of the Income Tax Act or distribution tax be abolished. Special regime of taxation for income distribution by securitization trust, the Income Tax Act be suitably amended to allow Corporate Social Responsibility (CSR) expenses as business expenditure and amendment of Sectio .....

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