Monday, October 16, 2006

Open Letter to the Indian Finance Minister on co-operatives

Dear Finance Minister

Much of India's progress over the decades since India's independence was due to the encouragement of India's co-operatives.

However, the most recent national budget has imposed taxation on co-operative bbanks.

This is an entirely unnecessary and backward step. It will not raise much by way of revenue for the government but will discourage these banks and make life even more difficult for them than it is already, in terms of competition from the commercial national and international banks.

Co-operative banks serve the poorest sections of Indian society and need continued encouragement, not discouragement.

I urge you to remove this new taxation on co-operative banks and restore the situation to what it was before the current year

yours sincerely

Prabhu Guptara Sphere: Related Content

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