Banking sector seeks hike in tax exemption limit for savings

New Delhi, Jan 12: India’s banking sector on Tuesday sought increasing the tax exemption limit for savings to Rs.2.5 lakhs and allowing it to issue off-shore rupee bonds to fince infrastructure, at a pre-Budget meeting Fince Minister Arun Jaitley had with banks and fincial institutions. “Other suggestions include listing of non-life insurance public sector undertakings while retaining majority government control and broad-based FDI (foreign direct investment) in agriculture sector,” a fince ministry release here said.