PROBABLE DA FOR BANK FROM AUGUST 2016 WILL BE 45.5%

NEW DA FROM AUGUST 2016 WILL BE 45.5% for bank employee

NEW DA FROM AUGUST  2016 WILL BE 45.5% for bank employee

Now,30.06.2016, CPI for the month MAY '15 announced as 6277.12. On assumptions that CPI data would slightly increase   for the next ONE  months also  i.e. for  jUNE 2016 1 in that situation the expected (tentatively) increase in DA Slabs comes to 35 slabs for the month of AUG'16 - OCT '16, the expected DA payable in terms of percentage is as under :-

CPI for the Quarter

APRIL 2016       6185.82 MAY 2016            6277.12 JUNE 2016           6307.12

Average CPI for the Quarter April -June 2015 as above = 6256.56

FOR

Jan 2016	6140.00
Feb 2016	6094.00
Mar 2016	6117.00

Average CPI for the Quarter Jan - Mar 2016 as above = 6117

NEW DA   FROM AUG 2016 WILL BE (6256.56-6117)/4=35

Total DA will be 42+3.5=45.5%

Please note that it is only tentative number of DA slabs assessed by everything banking news group for the quarter AUG 16 -OCT16 based on assumptions of CPI as mentioned above.

On release of CPI data for the month of  JUNE 16 we will re-calculate the DA that would become payable for the period AUG16-OCT 16

The minimum pay has been increased from Rs. 7000 to 18000 p.m---Highlights of the 7th CPC report as approved by cabinet

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the implementation of the recommendations of 7^th Central Pay Commission (CPC) on pay and pensionary benefits.   It will come into effect from 01.01.2016.

Highlights:

1.            The present system of Pay Bands and Grade Pay has been dispensed with and a new Pay Matrix as recommended by the Commission has been approved. The status of the employee, hitherto determined by grade pay, will now be determined by the level in the Pay Matrix. Separate Pay Matrices have been drawn up for Civilians, Defence Personnel and for Military Nursing Service. The principle and rationale behind these matrices are the same.

2.            All existing levels have been subsumed in the new structure; no new levels have been introduced nor has any level been dispensed with. Index of Rationalisation has been approved for arriving at minimum pay in each Level of the Pay Matrix depending upon the increasing role, responsibility and accountability at each step in the hierarchy.

3.            The minimum pay has been increased from Rs.  7000 to 18000 p.m.  Starting salary of a newly recruited employee at lowest level will now be Rs.  18000 whereas for a freshly recruited Class I officer, it will be Rs.  56100.  This reflects a compression ratio of 1:3.12 signifying that pay of a Class I officer on direct recruitment will be three times the pay of an entrant at lowest level.

4.            For the purpose of revision of pay and pension, a fitment factor of 2.57 will be applied across all Levels in the Pay Matrices.

5.            Rate of increment has been retained at 3 %. This will benefit the employees in future on account of higher basic pay as the annual increments that they earn in future will be 2.57 times than at present.

6.            The Cabinet approved further improvements in the Defence Pay Matrix by enhancing Index of Rationalisation for Level 13A (Brigadier) and providing for additional stages in Level 12A (Lieutenant Colonel), 13 (Colonel) and 13A (Brigadier) in order to bring parity with Combined Armed Police Forces (CAPF) counterparts at the maximum of the respective Levels.

7.            Some other decisions impacting the employees including Defence & Combined Armed Police Forces (CAPF) personnel include :

·               Gratuity ceiling enhanced from Rs.  10 to 20 lakh. The ceiling on gratuity will increase by 25 % whenever DA rises by 50 %.

·               A common regime for payment of Ex-gratia lump sum compensation for civil and defence forces personnel payable to Next of Kin with the existing rates enhanced from Rs. 10-20 lakh to 25-45 lakh for different categories.

·               Rates of Military Service Pay revised from Rs.  1000, 2000, 4200 & 6000 to 3600, 5200, 10800 & 15500 respectively for various categories of Defence Forces personnel.

·               Terminal gratuity equivalent of 10.5 months of reckonable emoluments for Short Service Commissioned Officers who will be allowed to exit Armed Forces any time between 7 and 10 years of service.

·               Hospital Leave, Special Disability Leave and Sick Leave subsumed into a composite new Leave named ‘Work Related Illness and Injury Leave’ (WRIIL). Full pay and allowances will be granted to all employees during the entire period of hospitalization on account of WRIIL.

8.            The Cabinet also approved the recommendation of the Commission to enhance the ceiling of House Building Advance from Rs.  7.50 lakh to 25 lakh. In order to ensure that no hardship is caused to employees, four interest free advances namely Advances for Medical Treatment, TA on tour/transfer, TA for family of deceased employees and LTC have been retained. All other interest free advances have been abolished.

9.            The Cabinet also decided not to accept the steep hike in monthly contribution towards Central Government Employees Group Insurance Scheme (CGEGIS) recommended by the Commission. The existing rates of monthly contribution will continue. This will increase the take home salary of employees at lower levels by Rs. 1470. However, considering the need for social security of employees, the Cabinet has asked Ministry of Finance to work out a customized group insurance scheme for Central Government Employees with low premium and high risk cover.

10.        The general recommendations of the Commission on pension and related benefits have been approved by the Cabinet. Both the options recommended by the Commission as regards pension revision have been accepted subject to feasibility of their implementation. Revision of pension using the second option based on fitment factor of 2.57 shall be implemented immediately. A Committee is being constituted to address the implementation issues anticipated in the first formulation. The first formulation may be made applicable if its implementation is found feasible after examination by proposed Committee which is to submit its Report within 4 months.

11.        The Commission examined a total of 196 existing Allowances and, by way of rationalization, recommended abolition of 51 Allowances and subsuming of 37 Allowances. Given the significant changes in the existing provisions for Allowances which may have wide ranging implications, the Cabinet decided to constitute a Committee headed by Finance Secretary for further examination of the recommendations of 7th CPC on Allowances.  The Committee will complete its work in a time bound manner and submit its reports within a period of 4 months. Till a final decision, all existing Allowances will continue to be paid at the existing rates.

12.        The Cabinet also decided to constitute two separate Committees (i) to suggest measures for streamlining the implementation of National Pension System (NPS) and (ii) to look into anomalies likely to arise out of implementation of the Commission’s Report.

13.        Apart from the pay, pension and other recommendations approved by the Cabinet, it was decided that the concerned Ministries may examine the issues that are administrative in nature, individual post/ cadre specific and issues in which the Commission has not been able to arrive at a consensus.

14.        As estimated by the 7th CPC, the additional financial impact on account of implementation of all its recommendations in 2016-17 will be Rs. 1,02,100 crore. There will be an additional implication of Rs. 12,133 crore on account of payments of arrears of pay and pension for two months of 2015-16.

Please stop insulting/ blaming Banks and banker

Some Newspapers published as undernoted & the same is doing rounds on FB & WhatsApp also,,,,,,,,
"""""in July 2016, Total eleven days banks will be closed on 3,6,9,10,12,13,17,23,24,28,31 on these day's bank are closed. 9th & 23rd is second & forth saturday, 3,10,17,24,31 are sunday, 6th is Ramazan id, 13th - all india bank strike, 12 & 28 th - State bank of bikaner & Jaipur staff on strike & 29th July- strike by union of united forum of bank... So please arrange your banking accordingly"""""""
This is a regular features to malign Banks & Bankers but never ever contradicted by so called Bank Unions/Associations/Confederations or Fronts,,,,

As a Banker I hv recorded my protest as below in a  ,,,

""Very BAD projection,,,,,,
Please note Bank close on 2nd & 4th Saturdays only
Out of 11days U have quoted 5 days are Sunday, 2 days are of Saturday closures 1 day on account of Id whereas 3 days may be because of strike for which Bank people don't get salary because they believe in "no work, no pay" policy which concept is not in force in any other Govt. Organization/Dept.
Thus they are closed for just One day because Govt. has declared holiday for Id,,,, Other Govt. Depts & offices too remain closed on Sundays and some also close on Saturdays also,,,,,, Why single out Banks alone,,,,,they don't declare holidays on their own,,,,,, & why ppl want to visit banking hall when there are ATMs, debit/credit cards, cash/cheque receiving machines, pass book printers are also installed,,,,,,no body shouts when other offices are closed or no work is done even when they are open,,, Please stop insulting/ blaming Banks,,,,,,,""

Gross bad loans at Indian banks may rise to 8.5 per cent of total assets by March 2017 from 7.6 percent in March 2016

Canara Bank on Tuesday said it will seek shareholders' approval in the ensuing Annual General Meeting in July to raise Rs 2,000 crore to create capital buffer. The bank seeks to raise the capital by allotting equity shares/preference shares/securities by way of follow on public issue, rights issue and/or on a private placement basis, Canara Bank said in a filing to BSE. "The issue proceeds will enable the bank to strengthen its capital adequacy requirements as specified by RBI from time to time", the bank said. The state-owned lender's capital adequacy ratio, as on March 31, 2016, stood at 11.08 per cent, and was well above the 9 per cent stipulated by the Reserve Bank.
-NDTV Profit

Sounding caution on consolidation of public sector banks India, rating agency Moody's today said that in the current macro economic environment, proposals like these will create risks that could offset the potential long-term benefits. India's banking system has witnessed an increase in stressed assets since 2012. None of them currently have the financial strength to assume a consolidator role without risking its own credit standing post-merger, said Alka Anbarasu, Vice President and Senior Analyst at a Moody's.
-Business Standard

Gross bad loans at Indian banks may rise to 8.5 per cent of total assets by March 2017 from 7.6 percent in March 2016 if the Central Bank orders them to conduct a second round of asset quality reviews, a RBI report said on Tuesday Meanwhile, under a "severe stress" situation, total bad loans could rise to 9.3 percent in March 2017, the RBI said in its semi-annual Financial Stability Report.
-NDTV Profit

Six months after it flagged concerns over weak corporate balance sheets and conducted its first asset quality review (AQR) of banks, the RBI has warned that risks to the banking industry’s stability have increased sharply, indicating more pain ahead.
-Live Mint

The RBI has raised concerns over the capital adequacy ratio of lenders saying that they may not be able to meet the norms under extreme scenario. "Individually, a large number of banks, (30 of 50 banks) will not be able to meet the required capital adequacy ratio levels under the extreme scenario," said the Financial Stability Report (FSR) published by the Central Bank.
-Business Standard

A Government-appointed panel has selected N. S. Vishwanathan as a Reserve Bank of India Deputy Governor, replacing incumbent H. R. Khan. Vishwanathan is currently an executive director at the RBI, overseeing the banking regulation and non-banking department. He would succeed Khan, who will retire on July 3.
-Business Line

With nine months to go to complete the merger process involving its associates, SBI is working on details of the amalgamation proposal, which will be submitted to the Government soon for approval. "The bank has started negotiation process with the six different entities after getting in-principle clearance from the Cabinet. Once the amalgamation plan is ready, it will be submitted to the government for the final nod as per the Section 35 of SBI Act 1955," a senior government official said.
-Economic Times

RBI Governor Raghuram Rajan sided with three of the five members of a technical advisory committee who recommended the central bank leave interest rates on hold at its June 7 policy review, according to minutes released on Tuesday.
-Business Standard

The non-banking finance companies continued to perform better than the banks with the balance sheet expanding by 15.5%, said the RBI in its latest Financial Stability Report.
-Economic Times

Stressing on need to continue with sound domestic policies and reforms, RBI Governor Raghuram Rajan said banks' asset quality stress has to be dealt first in order to revive the credit growth.
-Business Standard

Indian Overseas Bank, in partnership with MasterCard, announced the launch of the Multicurrency Forex Travel Prepaid Card.
-The New Indian Express

Axis Bank has forayed into urban microfinance programme by providing TAB based solution to low-income women groups in urban cities.
-Business Standard

United Bank of India today got shareholders' approval to raise nearly Rs 1,000 crore, either by qualified institutional placement (QIP), public or rights issue.
-Business Standard

Bank of Maharashtra today said it has raised Rs 500 crore by issuing bonds that are compliant with global capital adequacy norms.
-Business Standard

RBI today said four non-banking financial companies have surrendered their registration certificates following which they would not transact any financial business. Those surrendering their certificate of registration are Wall Street Finance Company (Mumbai-based), Maruti Finance Pvt Ltd (Hyderabad), JEL Finance & Investments (Hyderabad) and Shrigopal Finance and Investment (Thane). Separately, RBI said it has cancelled the registration certificate of Sampada Chemicals of Mumbai and Ahmedabad-based Saakshi Securities.
-Money Control Com

Tamil Nadu showed the highest gross fiscal deficit across all states in 2015-16, Maharashtra continued to be the richest state in the country while Punjab witnessed steady fall in the number of factories between 2010-11 and 2013-14, according to Reserve Bank of India’s first edition of the Handbook of Statistics on Indian States.
-Business Standard

7th Pay Commission : Cabinet likely to approve on 29th June

The much awaited seventh pay commission is going to enter the last phase of implementation soon.

A Committee of Secretaries headed by Cabinet Secretary P.K. Sinha has submitted its report on the recommendations of the Seventh Pay Commission which may be accepted, a financial ministry official said.

Based on the panel’s report, the Finance Ministry is preparing a Cabinet note and the issue may come up for approval by the Cabinet as early as June 29.

“Committee of Secretaries (CoS) has finalised its report on Pay Commission recommendations... We will soon (file) draft Cabinet note based on the report,” Finance Secretary Ashok Lavasa said here on Monday.  - Source : The Hindu

As per reports, Prime Minister has directed Finance Ministry to implement the Pay Commission for government employees, and place the Empowered Group of Secretaries report on the central government employees' salary and allowances hike in the next Cabinet meeting on Wednesday, June 29.

ICICI Bank Managing Director and CEO Chanda Kochhar's salary decline 22% to Rs 4.79 crore in the year gone by, as declared in bank annual reports.

The Centre is likely to start the process of strategic disinvestment in loss-making public sector enterprises (PSEs) by next month even as an influential forum of the executives of these businesses has flayed the move and threatened agitation. National Confederation of Officers' Associations, an influential body of senior officers of PSEs, said in a statement that the Government is showing "a complete lack of understanding of the purpose and role of the public sector in India". "We are told the government and the NITI Aayog favour closure and strategic sales of 74 sick central PSEs. We and start agitation," an office-bearer of the NCOA said, adding national executive committee members of the confederation will meet next month to work out their course of action.
-Business Standard

Moving ahead with the operationalisation of the interest rate setting monetary policy committee, the Finance Ministry has said it will notify the rules "within few weeks" and thereafter appoint three Government nominees, said Economic Affairs Secretary Shaktikanta Das.
-Economic Times

Warning of "more bad news" on the stressed loans front in the Indian banking sector, eminent banker Uday Kotak has said its "weak underbelly" has "resurfaced strongly" and the story is not over yet, though lenders have begun cleaning up their books.
Kotak Mahindra Bank chief Uday Kotak has said forced mergers may not be possible for PSU banks anymore due to their huge bad loans.
-NDTV Profit

In a strong pitch for RBI to allow banks and housing finance companies to fund land transactions, industry leader Deepak Parekh has said NBFCs and foreign private equity players are charging exorbitant rates that push up the cost of land. Parekh, chairman of the country's leading mortgage lender HDFC Ltd that was a pioneer in this sector, said that a major factor that can improve housing affordability is bringing down the cost of land.
-Business Standard

The Serious Fraud Investigation Office (SFIO), the investigative agency for white collar crimes, has sought loan details from lenders to the Vijay Mallya-owned defunct Kingfisher Airlines. As a multi-disciplinary organization, the SFIO probes cases of financial frauds that are referred to it by the corporate affairs ministry. According to a banker, by asking these details, the SFIO is probably trying to ascertain whether or not there were any lapses on part of the lenders in the entire Kingfisher Airlines loan saga.
-Times of India

Consolidation among public sector lenders is expected to happen only after the completion of merger between SBI and its associates, a senior Finance Ministry official said. Banks can only make acquisitions when they have financial might which is subdued at the moment due to clean up exercise of balance sheet, the official added.
-Economic Times

Bank of Baroda has undertaken a comprehensive review of its business and has finalised a detailed set of plans to fundamentally reposition it for future, Chairman Ravi Venkatesan has said. Venkatesan said the management intends to gradually exit unprofitable businesses.
-Economic Times

There is no dearth of capital to finance India's massive infrastructure development, provided the projects involving huge investments are handled with "transparency" and "good governance", SBI Chairperson Arundhati Bhattacharya said today.
-Business Standard

Chief Economic Advisor Arvind Subramanian on Sunday said Brexit, or Britain's exit from the European Union, was a sad development but India would not be affected by it due to its solid macroeconomics.
-NDTV Profit

Central banks are ready to cooperate to support financial stability in the wake of Britain's vote to leave the European Union, the Bank for International Settlements said on Saturday.
-NDTV Profit

The China-led Asian Infrastructure Investment Bank (AIIB) will be different from institutions like the World Bank because it has a greater understanding of the developing world's needs, officials said on Sunday at its first annual meeting.
-The Economic Times

The Government may soon roll out a long-term multiple-entry comprehensive visa by merging tourist, business, medical and conference visas into one to attract more visitors and boost trade. The long-term, multiple-entry visa is likely to be given up to 10 years but under this category, the visitor will not be allowed to work or stay permanently, said a Government official, who is part of the deliberations. As per the proposal, if a foreigner is granted long-term, multiple-entry non-working or non-permanent stay visa and his or her stay is restricted to 60 days on a visit, the government may waive the visa fee as well.
-NDTV profit

The Government has eliminated 1.6 crore duplicate and bogus ration cards that will help save about Rs 10,000 crore in subsidy bill annually, said Finance Secretary Ashok Lavasa. In addition, the Government has saved Rs 14,872 crore by offering subsidy on cooking gas (LPG) directly to consumers and direct benefit transfer is planned to be extended to 150 schemes by the end of this year, he told PTI here.
-Business Line

HDFC Bank's Aditya Puri saw the maximum jump in remuneration among private bank chiefs in 2015-16, with a 31% growth at Rs 9.73 crore. Axis Bank's Shikha Sharma came in second, whose compensation package jumped 28% to Rs 5.50 crore. The decision to give up bonuses after RBI mandated asset quality review (AQR) saw ICICI Bank Managing Director and CEO Chanda Kochhar's salary decline 22% to Rs 4.79 crore in the year gone by, as declared in bank annual reports. Yes Bank chief Rana Kapoor saw a 20.76% hike in remuneration at Rs 5.67 crore. For Kotak Mahindra Bank's Uday Kotak, the corresponding figure was over 9% at Rs 2.47 crore in 2015-16. Compared to the bank's median salary, Kochhar's salary is 100 times that of an average employee while Puri's is 179 times. HDFC Bank had 311 employees earning over Rs 60 lakh a year while for Axis Bank, it stood at 163, their annual reports showed.
-Business Standard
-#260616

Bank Mergers Likely To Happen After SBI Consolidation

 Consolidation among public sector lenders is expected to happen only after the completion of merger between State Bank of India (SBI) and its associates, a senior Finance Ministry official said.

"Banks can consider merger and acquisition only when their financial strength improves significantly. Logically, the next round of mergers and acquisition may take place after consolidation of associate banks and acquisition of Bharatiya Mahila Bank with SBI," the official said.

Banks can only make acquisitions when they have financial might which is subdued at the moment due to clean up exercise of balance sheet, the official added.

According to the official, post-March 2017, when the balance sheet clean up exercise is likely to be completed, the banks' financial performance should consequently see an uptick.

The merger of SBI with associate banks is likely to happen towards the end of this fiscal year. Last week, the Cabinet gave in-principle approval for the merger of SBI with its associate banks and acquisition of Bharatiya Mahila Bank.

SBI has five associate banks - State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad.

It first merged State Bank of Saurashtra with itself in 2008. Two years later, State Bank of Indore was merged with it.

In his Budget speech, Finance Minister Arun Jaitley had announced that the government will unveil a roadmap for consolidation of PSU banks who are expected to get an infusion of Rs 25,000 crore this fiscal year.

The government has announced a revamp plan, 'Indradhanush', to infuse Rs 70,000 crore in state-owned banks over four years, while they will have to raise a further Rs 1.1 lakh crore from markets to meet capital requirements in line with global risk norms under Basel III. 

As per the blueprint, PSU banks were given Rs 25,000 crore in the last fiscal year and an equal amount is planned for the current fiscal year. For the next two subsequent years, Rs 10,000 crore each has been planned. 

The government has also said that more funds will be provided to PSU banks if needed

Amendment in SARFAESI Act. DM has to complete recovery process with in 30 days – new bill 2016

Amendment in SARFAESI Act. DM has to complete recovery process with in 30 days – new bill 2016

The Government has shown its concern over the mounting NPA’s of the Banks which has grown to Rs. 4.37 trillion of bad loans which were Rs. 2.92 trillion a year ago. The flaws & tedious time-consuming recovery process has contributed in the bad loans. In order to make the recovery of the bad debts faster & effective the central government has introduced the bill “The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016” for the better implementation of Sarfaesi Act, 2002.

The changes have been made for faster & speedy recovery as well as transparent system, to tackle the bad loans and to make the recovery process easier. The keys amendments are mentioned herein below:-

1. The bill mandates the DM to complete the recovery process within 30 days. This includes the DM application, DM order, assistance in providing police for taking possession etc.

2. The borrower/debtor has to deposit 50% of the amount of debt due before filing an appeal in DRT.

3. In the case of default by the company, the bill also enable’s the banks/secured creditors to take over the management of the company and the procedure is also laid down.

4. To tackle frauds, the bill creates a central database to incorporate records of property registered under various registration systems and the secured creditors will not be able to take possession of the collateral until they are registered with this registry.

5. The stamp duty will not be charged on transactions commenced for transfer of financial assets in favor of asset reconstruction companies.

6. The RBI has given more powers to audit and inspect ARCs and RBI can also remove the chairman or any director and appoint central bank officials to the board and the penalty has also been increased to Rs. 1 Crore.

7. The bill enables the electronic filing of recovery applications, documents, and written statements. The DRT’s will deal with all insolvency proceedings involving individuals.

Sameer Aggarwal, the banking lawyer of Supreme Laws at Chandigarh, said that execution of the changes will be important and if the changes are implemented in all its seriousness certainly it will reduce the bad loans. We require strong recovery mechanism so that the wilful defaulter cannot escape its liability. It takes a lot of time to take the permission from the DM till physical possession but now the DM has to complete this process within 30 days will bring a lot of changes, he added.

Bank Merger List finalized in Ministry of Finance See mega list where you are?????

Bank merger is knocking at the door. Every one knows except our almighty leader.. Arun Jetly already informed to media that with in Dec 2016 everything will be clear. After that why our leadership till waiting for last days. Only AIBEA and AIBOA  have called one day strike where as other union are silent. UFBU alos called one day strike on 29th July but on that day SBI not supported. Time has come  one day strike  never to solve any problem until and unless indefinite strike called. Respected almighty leader please review your thought.Everyone knows that our  leadership is weak. Instead of demanding any thing from the management now a days they are almost pleading. The merger is imminent. One has to wait and see how the things go. Merger also brings many troubles for the employees of the merged Banks. Chances of promotions for the merged bank employees get reduced. Scope of employment will be sort. So many Branch have to closed down. So we once again request to all the leadership from every angle please please stop drama. Do something in reality .Otherwise after few years gap you have to go  in Museum as a mommy  

Black Money Window: Income Tax Department Publishes List Of Asset Valuers

The Income Tax department on Friday published a country-wide list of registered asset valuers for those who wish to declare their untaxed funds and properties under the one-time domestic black money compliance window that opened this month.

The exhaustive list, uploaded on the official web portal of the department, includes valuers of immovable property, jewellery, plant and machinery, stocks, shares and debentures and agricultural land.

"The list is uploaded on Income Tax department's official website www.incometaxindia.gov.in and the names and addresses provided therein can be used by those who wish to declare their black assets under the ongoing one-time compliance window.

"This exhaustive list that contains the names and addresses of the registered valuers has been published after CBDT had received queries from various quarters about the ambiguity and difficulty in declaring the value of an untaxed or black asset under the window, called the Income Declaration Scheme (IDS), 2016," a senior official said.

While rules for IDS stipulate that the fair market value of the asset to be declared under the scheme will be as on June 1, 2016 as deemed to be the undisclosed income, its exact valuation procedure was creating doubts among people.

Subsequently, the official said, the Central Board of Direct Taxes had asked all regional offices in the country to send to it the names of all registered valuers and their contacts in their jurisdiction.

"The list is exhaustive and these valuers are present in various part of the country. The valuation certificate provided by them will be valid for declaration of untaxed assets under the IDS. This is an effort to help and provide clarity of action to such declarants," the official added.

Valuers are registered with the IT department under the Wealth Tax Rules.

The official added that the list will soon be put up at the regional Aaykar Sampark Kendras (ASKs) which are run by the department to facilitate taxpayer services.

A valuation of asset done by an authorised valuer is accepted as the fair value of an asset by the taxman and with this seal of approval, the declarant is expected to be sure about the market value of the asset furnished under IDS.

The IDS opened this month and will be on to take declarations till September 30.

Under the scheme, income as declared by the eligible persons would be taxed at the rate of 45 per cent which is 30 per cent plus a 'Krishi Kalyan Cess' of 25 per cent and a penalty at the rate of 25 per cent.

These taxes have to be paid by November 30 after the window closes in September.

The scheme was announced by the government with an aim to pump out black money from the domestic economy.

Earlier, government had come out with a similar scheme for Indians holding undisclosed income abroad and a total of Rs 4,147 crore of undisclosed wealth was declared under it.

The IDS will apply to undisclosed income whether in the form of investment in assets or otherwise, pertaining to financial year 2015-16 or earlier.

Declarations under IDS can either be made online on the official e-filing website of the IT department or before various regional Principal Commissioners of IT in the country.

save SBT - Memorandum Signed by Sri . NK Premachandran MP and his letter to FM

UCO IOB AND SYNDICATE BANK MERGE WITH CANARA BANK

The government is said to be considering a mega merger of 26 banks, which will create six big lenders, news agency Reuters reported, citing a government official, on Wednesday.

The proposal envisages major banks like State Bank of India, Punjab National Bank, Canara Bank, Union Bank, Bank of Baroda and Bank of India leading the merger.

As a part of the proposal, Syndicate Bank, IOB and UCO Bank will be merged with Canara bank.

Meanwhile, Central Bank and Dena Bank will be merged with Union Bank, the official said.

Other banks like Andhra Bank, Bank of Maharashtra, Vijaya Bank will be merged with Bank of India.

However, the management of Bank of India reportedly had no information about the merger. It also told CNBC-TV18 that HR integration will be the biggest challenge during the merger. No bank was free of bad loans and the merger will not help in any way, it added.

The efforts for this merger of small banks are at a very initial state, the official informed.

BANK Merger is in final stage now, and the road map has also setup

Merger is in final stage now, and the road map has also setup. Only discussion rest upon technical issues, and deadline is Dec 2016.
Govt. has taken his safe side by dramatically receiving proposal of merger from 5 banks. So now time to analyse its effects seriously.
1) Type of merger or amalgamation.
2) Staffing pattern etc.

Young officer of PNB committed suicide blamed circle head and chief Manager

It has been reported that a 28 years old young officer Sunil Kaindal of  Punjab National Bank has committed suicide in a hotel at Faridabad. Originally from District Hansi (Hissar), he was presently posted at Circle Office Hamirpur. In a 15 page suicide note, he has held Circle Head and Chief Manager of Circle Office Hamirpur responsible for his suicide. He was not going to office for last one week probably due to tension.

He was married and has left his young wife and other family members crying. We know from our experiences of past relating to Late Ajay Sehgal who committed suicide in 2014 and Sri Sanjay Kumar Srivastava who committed suicide in 2015 that there will be an agitation, transfer of CH and CM, issuance of circulars claiming successful agitation, Drama of Enquiry and then we all will forget who was Sunil Kaindal. Its only a wishful thinking that justice will be done because in none of the past cases manifestly justice shown to have been done to employees of the bank.

We have been repeatedly saying that suicide is not an answer to problems because no body is going to care for reasons one is committing suicide and none of the culprits responsible for harassment and torture would be punished. The loss sustained by dependent family members would always be irreparable.

Its high time that each and every bank employee should realise the importance of sharing instances of harassment and torture fearlessly amongst colleagues and in social media. Somewhere somehow you may find helping hands or advice from experienced person. Fight against wrong doers instead of ending your life.

from 

Kamlesh Chaturvedi

Raghuram Rajan Ends Speculation, Says Will Quit As RBI Governor In September

Raghuram Rajan on Saturday said he would not be seeking a second term, ending months of speculation about his future as Reserve Bank Governor. Dr Rajan put out a statement today saying he plans to return to academia when his term ends on September 4.

"I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016," said Dr Rajan in a press release addressed to the staff of RBI.

53-year-old Dr Rajan is the first RBI governor since 1992 not to seek a second term as India's central bank boss.

Finance Minister Arun Jaitley said that the government "appreciates the good work done by him and respects his decision". Dr Rajan's successor would be announced shortly, he added.

Former Finance Minister P Chidambaram, instrumental in appointing Dr Rajan as RBI chief in 2013, said he was "disappointed and profoundly saddened" by the decision.

"As I had said some time ago, this government did not deserve Dr Rajan. Nevertheless, India is the loser," he said.

The RBI chief's decision not to seek a second term comes at a time when he had come under a vicious attack from BJP lawmaker Subramanian Swamy, who had accused Dr Rajan of an "apparently deliberate attempt to wreck the Indian economy". Mr Swamy had contended that the RBI governor is "mentally not fully Indian" since he continues to renew the Green Card issued to him by the US government.

In an exclusive interview to NDTV earlier this month, Dr Rajan had said that he "welcomes genuine criticism of our policy but will not address ad hominem attacks" or allegations against him as individual rather than the policies and position he holds.

Dr Rajan had also hinted that he may not be interested in a second term.

"I won't comment on a second term. But you've seen my speeches. My ultimate home is in the realm of ideas," he had said.

Dr Rajan, a former chief economist at the International Monetary Fund (IMF), has been popular with foreign investors who cheered his efforts to lower inflation and clean up state-run banks' massive bad loans.

POLITICAL Parties, unions oppose SBT merger

CPI leader Pannian Ravindran, CPI(M) State unit secretary Kodiyeri Balakrishnan, and KPCC President V.M. Sudheeran at a convention organised by the Save SBT Forum in Thiruvananthapuram on Thursday against the merger of the SBT with SBI. The move is part of diluting government stake in the bank and to allow private participation: Kodiyeri The Congress, Communist Party of India (Marxist) [CPI(M)], and Communist Party of India (CPI) have come together on a joint platform to express solidarity with the employees of State Bank of Travancore (SBT) in their opposition towards the Union government’s move to merge the bank with State Bank of India (SBI). A meeting held here hours after the Union Cabinet approved the merger of five associate banks, including SBT, on Wednesday, formed Save SBT Forum in the presence of CPI(M) State unit secretary Kodiyeri Balakrishnan, KPCC president V.M. Sudheeran, CPI leader Pannian Ravindran, and trade union leaders. 'Make a strong intervention' Inaugurating the conference, Mr. Balakrishnan said the LDF government would make a strong intervention to prevent the SBI takeover of the bank. During the tenure of the UDF government, the Assembly had passed a 5 unanimous resolution opposing the move and the present government would certainly adopt the same line to stall the merger process, he said. “The move is part of diluting government stake in the bank and to allow private participation. The nationalisation of banks was a progressive step towards giving benefits of the banking sector to the poor and needy. The present move by the Union government is a backward step,” he said. Speaking on the occasion, Mr. Sudheeran requested the LDF government to convene an all-party meeting so that a strong message against the merger plan could be conveyed to the Centre. The party would provide all support to the government in opposing the SBT takeover. The takeover move would harm the interest of employees and overall interest of the State. The bank with 852 branches in the State had been part of the State’s development, he said. CPI leader Pannian Ravindran said the Centre was trying to push its corporate agenda and the move to merge SBT was part of that agenda. SBH unions threaten stir Jun 16, 2016, SBH employees have decided to go on strike on July 28 and 29 against the merger. Established as Hyderabad State Bank in 1941 by the erstwhile Nizam regime, the bank opened its first branch at Gunfoundry in the city in 1942. Hyderabad: With the union cabinet approving merger of five associate State Banks including State Bank of Hyderabad, with SBI, Telangana is set to lose its Nizam era bank. 6 SBH employees have decided to go on strike on July 28 and 29 against the merger. They demanded that Telangana Chief Minister K. Chandrasekhar Rao get a unanimous resolution passed in the Legislative Assembly against the merger. SBH employees claimed that the people of Telangana consider SBH as a bank of Telangana and the state government should not allow the Centre to wipe out SBH, which has been the identity of Telangana in the banking sector for about 75 years. Employees fear that their career growth prospects will also be hit after the merger as their present seniority would not be considered for promotion and other benefits. Established as Hyderabad State Bank in 1941 by the erstwhile Nizam regime, the bank opened its first branch at Gunfoundry in the city in 1942. “Among all subsidiary State Banks, only SBH posted profits last year and it has the capacity to remain and function as an independent bank. There is no reason to merge SBH with SBI. It also results in revenue loss for Telangana government. Being located in Telangana, some portion of the bank’s profits are shared with the Telangana government. After merger, the share will go to Maharashtra as SBI headquarters are located in Mumbai,” said Suravaram Sudhakar Reddy, honorary president of AP and Telangana Bank Employees Federation. S.B.Rajasekhar, president, SBH Staff Association, said, “SBH should not be looked at as a mere bank. It has emotional and psychological attachment with the people of Telangana since it was set up by the erstwhile Nizam regime.”

Vogues leadership nothing to do merger is knocking your door be ready

See the below picture. Our almighty leaders are ready to poach with FM Jetly. How they fight against jetly. When banker are crucial position our beloved  almighty leader click  a photo graph with laughing face. As per my opinion  strike  dharna  all are eye wash, Merger  is knocking your door. Vogues leadership nothing to do

Today from AIBEA and AIBOA, we met FM Arun Jaitley along with com.D Raja and conveyed our protest and concerns about the proposed mergers.

He tried to explain, but we reiterated our standpoint that this is not the priority and bad loan issue should be tackled urgently.

We also requested him to expedite appointment of Workmen Directors. He agreed.

We requested him to advice banks not to stop welfare schemes, due to loss in banks.

We also requested him to approve north incentive.

Cir follows.

Make all preparations for strike

COMRADES CHV / NAGA - AIBEA / AIBOA

//Ajay Manjrekar//

After SBI ---- PNB OBC ALB INB and COB ready to merge