News Update

Drive against hawala operators - ED seizes FC worth Rs 46 lakhs and IC worth Rs 3.2 lakh along with laptops & phonesAppointment of Lokpal - A tale of wheels within wheels!India to set up 10 nuclear power plants by 2031Navigation satellite launched to replace faulty IRNSS-1AI-T - Just because confirmation from few shareholders are not produced, it will not render entire share capital received through banking channel as unexplained: ITATCBIC notifies Customs exchange rates effective from July 20, 2018DRI nabs two persons in elephant poaching case; seizes ivory weighing 9.9 kgCBI probe ordered into missing case bundles sent to retired HC judge’s residenceHRD Minister says he is trying to save quota in teaching jobsGST Law Amendments - Will Council make it more taxpayer-friendly?GST - RFD-01A refund of Rs 17K Cr paid till June 16: ChaudharyChandrayaan-2 Mission to cost Rs 603 Crore, says GovtFund for Startups operate through Alternative Investment Funds: GovtGovt tables bill to check unregulated deposit schemesI-T - Undisclosed income can be assessed as 'Income from other sources' and against same assessee can claim set off of unabsorbed depreciation : ITATIGST Refunds - Resolution of SB003 errors and extension of date in SB005 - Rectification facility extended to Shipping Bills filed up to 30.06.2018EU slaps USD 5 billion anti-trust penalty on GoogleCus - Transitional arrangement which has been clarified by Trade notice does not contravene substantive provisions of notification or section 3 of FTDR Act: High CourtIGST Refund fortnight - Help Desks set up - to act as extended office of the Port of exportI-T - No taxpayer can be prevented from netting off interest received on income tax refund, against interest payable on delayed deposit of tax, same being tax neutral exercise: ITATGovt denies vigilance clearance to 80 officers for failure to file property returnse-Way Bill - Officers appointed to deal with grievancesCentre keen to amend RTI Act to fix salary of ICsCabinet approves MRA between ICAI & ICPA, Ireland, Tanzania & BahrainCCEA okays move to streamline PSC for hydrocarbon exploitation
 
Bank Unions to organise rally on Friday

By TIOL News Service

NEW DELHI, SEPT 13, 2017: THE nationwide bank strike which was called by the United Forum of Banking Unions (UFBU) saw major participation from across the nation. Banking operations on Tuesday were disrupted as public sector bank employees protested against the government's proposed consolidation move among other demands. Nearly 10 lakh employees and officers of public sector banks across 10,300 branches in the country had participated in the nationwide strike.

The Bank Unions are now going to organise a Morcha to Parliament and a Public Rally on Friday. They also intend to submit a Memorandum to the Prime Minister, Mr. Narendra Modi on that day to draw his attention to these vital issues and seeking his intervention to ensure remedial measures to save our Banks from the crisis and ensure that Banks help our country and our economic development.

The UFBU informed that the Banking Regulations Act has been amended to resort to Insolvancy and Bankruptcy Code agaisnt big defaulters but this litigation route is time consuming and there is no guarantee of Banks getting back the entire loans. Just in 12 loan accounts, amount due is Rs. 2,53,000 crores, bank will incur further losses on account of these accounts.

The huge provisions and write off towards bad loans from the profits are resulting in dwindling profits of Banks. For the year ended March 31, 2017, Public Sector Banks earned an operating profit of Rs. 150,000 crores but due to provision and write off, net profit was only Rs. 574 crores. To compensate these losses in revenue and reduction in profits, Banks are reducing the interest on savings deposits of the common people and also levying higher charges on all types of normal banking services.

The leaders of UFBU has arranged a Press Meet here on September 14, 2017 to explain their demands in details.


POST YOUR COMMENTS
   

TIOL Tube Latest

GST 1st Anniversary - A Hardlook (Episode 2) | simply inTAXicating

What's New

CGST Notification
CGST Rate Notification
CGST Circular
Income Tax Notification
Income Tax Circular
Customs Tariff Notification
Customs NT Notification
Customs Circular
Anti Dumping Notification
DGFT Notification
DGFT Public Notice
DGFT Circular
RBI Circular

TAXATION & WILDLIFE