Page 16 - BANKING FINANCE MARCH 2024

ROUNDUP

The report indicates that in India, the time new small savings scheme, Mahila
inflation rate of 5.7 per cent in Decem- Samman Savings Certificate, will be Attention Subscribers
ber 2023 was primarily influenced by made available for two years up to Please renew your Subscription of The
the fluctuating prices of vegetables March 2025. This will offer a deposit Insurance Times Journal to receive
and inflation in foodgrains. "This will facility up to Rs. 2 lakh in the name of copy of the journal uninterruptedly.
keep RBI cautious on the rate front as women or girls for a tenor of two years You can now pay by GPAY, Phonepe,
it eyes the four per cent inflation tar- at a fixed interest rate of 7.5 per cent Paytm, Amazon, ICICI Pay, BHIM UPI
get," CRISIL said. with partial withdrawal option."
TDS (tax deducted at source) is not
Mahila Samman Savings applied on interest earned on MSSCS,

Certificate deposits but interest income will be added to
total income for tax calculation. MSSCS
topped Rs. 14,500 crore in is classified under "sub-clause (c) of
Apr-Dec clause (i) of sub-section (3) of section
194A of the Income-tax Act, 1961".
Over 22.5 lakh accounts have been
Section 194A deals with provisions re-
opened under the Mahila Samman
lating to TDS on interest other than
Saving Certificate Scheme (MSSCS) in
interest on securities. Tax is to be de-
the first nine months of the fiscal with ducted under section 194A if interest
a deposit of over Rs. 14,500 crore. (other than interest on securities) is
The scheme was announced in the last paid to a resident.
budget. "Mahila Samman Savings Cer-
tificate provides financial advantages Pharma exports touch
to women and encourages them to
take charge of their finances and make $20.40 billion
informed decisions", said the Finance Pharmaceutical exports grew 8.2 per
Ministry in a social media post high- cent in April-December, 2023, to
lighting delivery of budget promises. $20.40 billion as compared with $18.85
The scheme was notified on March 31 billion in the corresponding period of
and made available through 1.6 lakh the previous financial year.
post offices from April 1. "The growth in exports in the first nine Sashi Publications Easy Payment
Data shows, Maharashtra circle leads in months of current financial year was Modes :-
opening accounts under MSSCS with driven by a double-digit growth of the i) UPI ID: SASHIBOOKS@KOTAK
over 4.5 lakh accounts and deposits of US exports at 11.5 per cent, which ii) GPAY: 9830171022@okbizaxis
over 2,800 crore followed by Tamil Nadu pushed up overall exports to NAFTA iii) PAYTM: 9830171022@paytm
circle (around 3.5 lakh accounts, around (US, Canada and Mexico) by 10.4 per iv) NEFT: Current A/C
cent," R Uday Bhaskar, Director-Gen-
Rs. 1,600 crore of deposits), Odisha 402120110000327 of 'SASHI
circle (over 2.5 lakh accounts, over Rs. eral, Pharmaceuticals Export Promo- PUBLICATIONS PRIVATE
1,000 crore of deposits), Karnataka tion Council (Pharmexcil) told. LIMITED, Bank of India, VVK
circle (around 1.7 lakh accounts, around Formulations continue to have the Road Branch., Kolkata, India,
Rs. 1,200 crore of deposits) and Andhra highest share in exports at about 73 IFSC Code : BKID0004021
Pradesh circle (over 1.3 crore accounts, per cent.
v) Credit Card:
over Rs. 600 crore of deposits). "Exports to the UK are also increasing www.sashipublications.com
Finance Minister Nirmala Sitharaman at 20.5 per cent while the West Asia For any query please call
in her speech for the 2023-24 Union and North Africa (WANA) region has
9073791022/9883398055
Budget announced: "For commemorat- been witnessing good traction,"
ing Azadi Ka Amrit Mahotsav, a one- Bhaskar said. www.sashipublications.com

BANKING FINANCE | MARCH | 2024 | 15