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English Release 21-August 2014
Date Month Year
  • President's Secretariat
  • Rashtrapati Bhavan’s ‘In-Residence Programme’ to feature two artists and two writers in September 2014
  • Prime Minister's Office
  • PM at Ranchi
  • Cabinet Committee on Economic Affairs (CCEA)
  • Revision of Rates of Royalty and Dead Rent in respect of certain minerals (other than minor minerals, coal, lignite and sand for stowing)
  • Min of Mines
  • Revision of Rates of Royalty and Dead Rent in respect of certain minerals (other than minor minerals, coal, lignite and sand for stowing)
  • Min of Petroleum & Natural Gas
  • Global crude oil price of Indian Basket increased to US$ 100.32 per bbl on 20.08.2014
  • Min of Power
  • Prime Minister dedicates 765 kV Ranchi-Dharamjaygarh-Sipat transmission line ; Initiates Commencement of work on 3x660 MW North Karanpura Super Thermal Power Project
  • Ministry of Railways
  • Commodity-Wise Freight Revenue Earnings of Railways goes up by 14.72 per cent during the Month of July 2014 & 9.30 per cent during April-July 2014
  • Ministry of Tourism
  • Full text of the Resolution adopted at the Second National Conference of Tourism Ministers
  • Full text of the speech of the Union Tourism and Culture Minister Shri Shripad Yesso Naik at the inaugural session of the State Tourism Ministers’ Conference

Previous Date

 
Ministry of Finance07-December, 2012 18:29 IST
Interest Rate on Crop Loan; Interest Subvention Scheme for the Year 2011-12 Continued in 2012-13 as Well

The Interest Subvention Scheme is being implemented by the Government of India since 2006-07 to make short-term crop loans up to Rs. 3 lakh for a period of one year available to farmers at the interest rate of 7 per cent per annum. The Government of India has since 2009-10 been providing additional interest subvention to prompt payees farmers, i.e. those who repay their loans in time. The additional subvention was 1% in 2009-10, 2% in 2010-11 and 3% in 2011-12. Further, order to discourage distress sales, the benefit of interest subvention was made available in the year 2011-12 to small and marginal farmers having Kisan Credit Card (KCC) for a further period of up to six months post harvest on the same rates as available to crop loans against negotiable warehouse receipts for keeping their produce in warehouses. The Interest Subvention Scheme for the year 2011-12 has been continued in 2012-13 as well.

There is no provision under the Income Tax Act 1961 specifically for accounting “Gold Holding” for assessment of income tax.

Through Finance Act, 2012, a provision has been made in section 139 of the Income Tax Act, which inter-alia, provides that a person, being a resident other than not ordinarily resident in India within the meaning of clause (6) of section 6 of the Income Tax Act and who during the previous year has any asset (including any financial interest in any entity) located outside India or signing authority in any account located outside India, shall furnish, on or before the due date, a return in respect of his income or loss for the previous year in such form and verified in such manner and setting forth such other particulars as may be prescribed. Also a new Schedule FA has been inserted in Income Tax Return Forms ITR 2, ITR 3, ITR 4, ITR 5 ITR 6 and ITR 7 for assessment year 2012-13 wherein the assesee is required to give the details of the asset (including any financial interest in any entity) located outside India or signing authority in any account located outside India.

This was stated by the Minister of State for Finance, Shri Namo Narian Meena in a written reply to a question in the Lok Sabha today.

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(Release ID :90214)

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