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  • News From Press Countdown to Budget: RBI, banks seek higher tax sops under Section 80C

    Countdown to Budget: RBI, banks seek higher tax sops under Section 80C

    Source: The Economic Times Jan 14, 2016

    The Reserve Bank of India and financial sector bosses on Tuesday made a strong pitch for higher incentives for savings, including raising the tax benefit for investing money in fixed deposits and public provident fund (PPF) to Rs 2.5 lakh from Rs 1.5 lakh currently.

    Sources said RBI deputy governor Urjit Patel kicked off the customary pre-budget consultation with finance minister Arun Jaitley with a suggestion to "significantly" increase savings, which was followed by demands to raise the cap by bankers as well as insurance companies.

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