The Hindu Business Line : PM promises to consider co-op banks' demand for I-T removal

NEW DELHI: The Prime Minister, Dr Manmohan Singh has promised to sympathetically consider the demand of some cooperative banks for removal of the 33 per cent income tax on their profits, a measure that was imposed in the current year's budget. He gave th is assurance to a delegation of representatives of nine cooperative banks from Karnataka when they met him here last night.

The delegation was led by CPI(M) MP Basudeb Acharia. The delegation brought to his notice that the tax exemption enjoyed by the cooperative banks was withdrawn in the current year's budget which they said hit hard at the foundations of the cooperative se ctor that catered mainly to the needs of the poor, middle and the salaried class and other marginalised sections.

The representatives of the small banks told DR Singh that it was wrong to equate the cooperative sector with the huge commercial banks that made huge profits every year, thus providing no level playing field. - PTI

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