Interest on deposits with approved long-term finance corporations allowed, subject to Central Government approval and eligibility conditions. The amendment replaces clause (vii) of subsection (1) of section 80L to permit interest on deposits with financial corporations engaged in long term ... Summary
Interest on deposits with approved long-term finance corporations allowed, subject to Central Government approval and eligibility conditions.
The amendment replaces clause (vii) of subsection (1) of section 80L to permit interest on deposits with financial corporations engaged in long term industrial finance or with public companies providing long term finance for residential housing, provided the corporation or company is approved by the Central Government for the purposes of clause (viii) of subsection (1) of section 36.
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