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Finance Minister Pranab Mukherjee on Monday presented to parliament India's federal budget for the coming financial year beginning in April. Mukherjee however exuded confidence that the RBI's monetary policy would lead to moderation in inflation in the coming months. Mukherjee also put emphasis on increasing agricultural productivity to curb food inflation. The Finance Minister did not disappoint individual tax payers either and raised the threshold income tax limit to Rs. 1.8 lakh from the present Rs. 1.6 lakh. This now becomes uniform for both men and women. He brought down the eligibility age for senior citizen's tax exemption to 60 years from 65. Mukherjee also announced that exemption for senior citizens would be Rs. 2.5 lakh from the present Rs. 2.4 lakh. He also announced a special category of tax-paying senior citizens. Those 80 or above would get an exemption of Rs. 5 lakh, he said. Mukherjee also said last year had been a remarkable fiscal year and that th

The government may allow post offices to set up automated teller machines, or ATMs , at rural areas, in an attempt to further strengthen the role of India Post in financial inclusion.  India Post, which is working on major improvements in the payment process for social sector schemes like NREGA, will set up ATM networks in selected areas to give people access to online banking services.  "Central, state and local governments are increasingly preferring government benefit payments to be routed through banks rather than using postal services. We need to innovate so as to continue to play dominant role in financial inclusion," said a senior official with ministry of communications and information technology.  According to the official, the move to provide ATM services to its account holders will put them on a par with banks and other financial institutions working in this space and further strengthen their case for a banking licence.  Earlier, a committee on micro finance a

DB Analyzer  Dated 09.02.2011         Click Me To Download Recent additions in DBAnalyzer 1. Miscellaneous - Balance Verification List for RD accounts  2. Database Discrepancies - PPF - HUF Accounts (3 reports) 3. Reports - Signatures exceeding 150 kb 4. Reports - List of Live RD Accounts allotted to Closed Agents 5. Separate LoT for NREGS / IGNOAPS / IGNWPS / IGNDPS for HO & SOs 6. Database Discrepancies - SCS - List of SCS accounts with SI option 7. Provision to update PAN Card details for SCS accounts 8. Reports in connection with AML - Reports for SB, MIS, TD, SCS, NSC and KVP deposits/opening and withdrawals/closure transactions are available under 'Income tax report' option. 9. Provision to modify agent license expiry date is made available in 'RD Accounts - Agent-wise' option.

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