Service tax on chit fund commissions: abatement allows tax on a reduced portion of commission without CENVAT credit.
Services in relation to chit funds are taxable under banking and other financial services; the Government notified a 30% abatement on the value of the commission charged by the person conducting the chit, and providers opting for this abatement must pay service tax on the remaining 70% of commission without availing input credit under the CENVAT Credit Scheme.

Debt waiver for agricultural loans extends relief to small and marginal farmers and defines eligible loan types and lenders.
The Debt Waiver and Debt Relief Scheme covers direct agricultural loans to marginal, small and other farmers by scheduled banks, regional rural banks, cooperative credit institutions and local area banks and comes into force immediately. Direct Agricultural Loans include Short Term Production Loans-repayable within eighteen months and including working capital for plantations and horticulture-and Investment Loans for capital investment and allied agricultural activities. Group loans qualify only where banks maintain disaggregated data. Definitions of cooperative credit institution and marginal farmer (up to one hectare) delimit eligibility.