Odisha seeks I-T exemption on DMF funds, credit trust for farm loans

Flagging the issue of farm loans, the minister said availability of bank credit without collateral and third party guarantees would go a long way in providing access to long-term credit to farmers

The Odisha government has asked for income tax exemption on interest accrued on bank deposits for contributions made to the District Mineral Foundation (DMF).

In one of the pre-Budget demands, the state's finance minister Shashi Bhushan Behera has sought exemption of DMF funds from income tax as such funds are used for direct benefit and development of the people living in areas affected by mining operations.

"In Odisha, DMF Trust Boards have been constituted in all the 30 districts. The income tax authorities have deducted tax from one of the DMF Trust accounts and also issued notices to others on