Agriculture Current Affair 14 March 2023

No income tax on agri produce for next 2 fiscal years: Bengal FM Chandrima Bhattacharya

Kolkata: The West Bengal government has decided that farmers will not have to pay income tax on any agricultural product for the next two fiscal years, Finance Minister Chandrima Bhattacharya said Monday. The state government has also announced the withdrawal of two types of cess on raw tea leaves for the period.

Presenting the Finance Bill in the assembly, Bhattacharya said the current exemption period for agricultural income tax ends on March 31.

She also said that the state government has taken up a “detailed and convenient” scheme to resolve issues related to arrears of tax to facilitate sales tax payers.

Centre directs Nafed, NCCF to buy red onion from farmers

New Delhi: Amid the fall in onion prices, the government on Tuesday said it has directed cooperatives Nafed and NCCF to intervene in the market and immediately start procurement of red onion directly from farmers. National Agricultural Cooperative Marketing Federation of India Limited (Nafed) and National Consumers Cooperative Federation of India Limited (NCCF) have also been directed to simultaneously sell the procured onions in the consumption centres.

“Prices remained stable due to consistency in demand and supplies as well as export potential. However, the month of February saw a decline in prices of red onion, particularly in the State of Maharashtra where the modal rate dropped to Rs 500 -700/quintal,” the agriculture ministry said in a statement.

Axis Bank partners with ITC to offer rural lending products to farmers in remote region

Axis Bank on Thursday announced its partnership with ITC Limited to offer the bank’s lending products and services to farmers who are a part of ITC’s agriculture eco-system.

The deal will enable Axis Bank to cater to the financial requirements of the unserved and under-served farmers based in the remote regions of the country.

“The Bank will offer a wide range of assets and liability products such as farmer loans, gold loans etc,” the company stated in a press release.

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