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Thursday, October 22, 2015

Services of banking correspondents under Jan Dhan Yojana out of tax loop

NEW DELHI: The government has exempted from tax the services of a banking correspondent for opening savings account under Jan Dhan Yojana, in a move aimed at promoting financial inclusion. 

"In order to promote financial inclusion, the government has exempted services provided by a business facilitator or a correspondent to a banking company with respect to basic savings bank deposit accounts covered by Pradhan Mantri Jan Dhan Yojana (PMJDY)...," a finance ministry statement said. 

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