AIBOC READY FOR indefinite strike

AIBOC President, Mr. Debasish & GS, Mr. Soumya Dutta was firm on putting pressure to IBA & Govt.

Both the President & GS have reiterated their stand that AIBOC will not participate in any Wage Talks meeting unless the pending issues like fractured mandate & Updation of Pension is resolved.

They also informed that AIBOC will go ahead with series of Agitational Programs across the country & sought the wholehearted support & participation of all the members and Retirees in all such activities.

Let's hope for the Best await.

Also hope that this series of Agitational Programs must include indefinite strike 

but  one question regarding strike

 Modi sarkar has come to the power for the 2nd time with overwhelming majority and bank trade Unions r becoming powerless day by day. Govt is well conversant about the strength of unions so all strike, pendown will not be of use.

Last one year AIBOC and AIBEA fighting each other. They have no time to resolved  member problem.

Small savings interest rates cut for July-Sept quarter by Govt of India

The finance ministry, on Friday, cut interest rates for all but one of the 12 small savings schemes for the July-September quarter. This has been done in a bid to speed up the transmission of interest rates and to reduce cost of capital and enable higher lending and thus boost economic activity.

A notification on the finance ministry website on Friday showed that interest rates for all the small savings schemes, except savings deposits, were reduced by 10 basis points. The savings deposit interest rate was maintained at 4 per cent.

That the interest rates would be cut was expected. Reducing the cost of capital to boost investment has been a stated aim of the Narendra Modi administration in its second term. Part of that was done when the Reserve Bank of India’s Monetary Policy Committee (MPC) cut interest rates thrice. Now the small savings rates have been reduced to speed up the transmission of the interest rates.

In fact, the aim of lowering the cost of capital also reflected in the ruling Bharatiya Janata Party’s 2019 election manifesto. “By lowering inflation and cleaning up the banking system, we are now in a position to structurally lower the real cost of capital,” the relevant sentence in the manifesto stated.

The MPC, which is heading by RBI Governor Shaktikanta Das, had cut the policy rate by 25 basis points and changed its stance to epo rate now stands at 5.75 per cent. This is the third consecutive cut by 25 bps each since February. In all his monetary policies, the Das-led MPC has executed a cut.

Banks have been reluctant to cut their lending rates citing higher interest rates for the small savings schemes. The government hopes that the latest action will lead to banks also lowering the cost of borrowing for corporate and individual borrowers. It believes that the most effective way to boost investment for the corporate entities and consumption for the households is by reducing rates and this putting more money in their hands.

Since April 2016, the government has been setting interest rates on small savings schemes on a quarterly basis to better align them with market rates. However, small savings rates continue to be decided in an arbitrary manner with movements in government bond yields usually not reflecting in the interest rate of these schemes.

The interest rates on all small savings schemes were left unchanged for Apr-Jun due to upcoming Lok Sabha elections, despite government bond yields in the secondary market declining by 29 basis points for the same period, publicly available data on Bloomberg shows. Interest rates on small savings schemes have been tweaked in two of the last four quarters, with October-December seeing a hike of 30-40 basis points.

Murder of Banker **** PO of Canara Bank "Mr. Milindra kumar Madhup

 Murder of Banker ****

PO of Canara Bank "Mr. Milindra kumar Madhup" has been killed during return in late night from his review meeting. No-one will satisfied his family, or remember his fight for life during rush to hospital alone.

पटना।बिहार के लखीसराय से बड़ी खबर सामने आ रही है बतादे कि लखीसराय जिले की कियूल शेखपुरा रेलखंड के सिरारी स्टेशन के समीप गया जमालपुर पैसेंजर ट्रेन में अज्ञात अपराधियों के द्वारा जमुई केनरा बैंक में पीओ के पद पर कार्यरत कर्मचारी को धारदार हथियार से वार कर हत्या कर दी गईं हैं।इस संबंध में मृतक के बड़े भाई मनीष कुमार ने बताया कि मेरा छोटा भाई मिलिंद्र कुमार मधुप जो केनरा बैंक जमुई में पीओ के पद पर कार्यरत थे 26 जून को गया में मीटिंग करने के बाद वह गया जमालपुर ट्रेन नंबर 63616 फर्स्ट पैसेंजर से आ रहा था। जिसे अज्ञात अपराधियों ने तेज धारदार चाकू से वारकर उसे घायल कर दिया गया उन्होंने बताया कि घायल हो जाने के बाद भी वह लखीसराय रेलवे स्टेशन पर अपने से उतरे तथा किसी व्यक्ति के हाथ सदर अस्पताल लखीसराय लाया गया। जहां पर डॉक्टरों ने उन्हें मृत घोषित कर दिया।
इस संबंध में रेल पुलिस एस आई अजय कुमार मिंज ने बताया कि घटना के संबंध में मामला दर्ज कर लिया गया है .शव को पोस्टमार्टम कराया गया है मामले का अनुसंधान किया जा रहा है जल्द ही अपराधी पुलिस के गिरफ्त में होगा

EXPECTED DA FOR BANKER FROM AUGUST 2019 IS MINIMUM 25 SLAB AND MAXIMUM 37 SLAB

Expected DA Calculation Updated on 28.06.2019 on the basis of CPI announced for the month of May'19 ( there is an increase of two points (7167.33.68) CPI index announced for the month of May'19 announced on 28.06.19) & assumptions of CPI for next month as under:-

1. On assumptions that CPI would remain at least same as of May'19 for next month i.e for June'19. In this situation the expected (tentatively) increase in DA Slabs would come to 33 slabs and the total tentatively revised DA slabs would be 678 i.e. 67.80%.
2. On assumptions that there would be an increase of one point in CPI data in next month. In this situation the expected (tentatively) increase in DA Slabs would come to 35 slabs and the total tentatively revised DA slabs would be 680 i.e. 68%.
3. On assumptions that there would be an increase of two point in CPI data in next month. In this situation the expected (tentatively) increase in DA Slabs would come to 37 slabs and the total tentatively revised DA slabs would be 682 i.e. 68.20%
4. On assumptions that there would be an decrease of one  point in CPI data in next month. In this situation the expected (tentatively) increase in DA Slabs would come to 25 slabs and the total tentatively revised DA slabs would be 670 i.e. 67.0%

ONLY 40% RURAL PEOPLE AVAIL BANK LOAN REST 60% HAVE NO IDEA ABOUT BANK LOAN

Farmers were unable to avail any kind of loan due to lack of proper information

Loan schemes don’t reach almost 60 per cent people in rural India, says a new survey which also finds climate change to be the biggest challenge for one in five farmers.

The survey, conducted by a rural media platform Gaon Connection, noted that the next generation in 48 per cent farming families does not want to pursue agriculture.

A farmer's story

At least 43.6 per cent farmers said they did not get the correct price for their produce, said the survey conducted among 18,000 rural respondents across 19 states, including Uttar Pradesh, Bihar, Madhya Pradesh, Maharashtra, Punjab, West Bengal and Telangana.

The survey -- released ahead of the Union Budget next week and exploring issues such as water scarcity and law and order -- found that a massive 59 per cent of farmers were unable to avail of any kind of loan, often because of lack of proper information.

Only 25 per cent and 15 per cent of the respondents said they took loans amounting up to Rs 50,000 and Rs 5 lakh, respectively.

“Thirteen per cent of the respondents said that high debt was their biggest challenge, and some 17 per cent said that high input cost -- the high prices of seeds, fertilisers, pesticides and other raw materials for their agriculture -- is their biggest problem,” it said.

As many as 62 per cent farmers said they wanted to decide the selling price of their produce instead of letting the government do the job, while 30 per cent were found to be satisfied with the status quo as far as pricing was concerned.

“There are no credible means and platforms for the central and state governments to know what’s on the mind of the rural citizen. Our surveys want to constantly find out, what does rural India want and what are its real priorities,” said Neelesh Misra, founder, Gaon Connection.

At least 19 per cent of the respondents surveyed recognised that climate change is happening and said sudden and unexpected weather changes are now the biggest challenge to their crops.

Millions of farmers across the country have to deal with sudden hailstorms, unseasonal rains, excessive heat and cold that affects agriculture and livelihoods, the survey said.

Water, irrigation and other issues

Every third woman living in Indian villages has to walk, on an average, half a kilometer to fetch water, it found.

Only eight per cent of villagers said they get piped water at home.

At least 61 per cent respondents said their households get water through public taps or hand pumps.

Improving access to irrigation alone will address many of their problems related to agriculture, said 41 per cent of the respondents. 20 per cent of the respondents said the soaring prices of diesel were a major concern.

The survey noted that most of those living in rural India now use the Internet for information dissemination.

“Thirty-eight per cent of them said they use the Internet for accessing social media platforms like Facebook and WhatsApp, 30 per cent said they use the Internet to get any kind of information and 15 per cent said they don’t have Android mobiles,” it added.

Stray cattle is a matter of big concern in the villages of Uttar Pradesh and other states. “Attacking herds of cattle have wounded, even killed farmers,” the survey said, referring to the destruction of crops.

When sick, 36 per cent rural Indians -- one in three -- go first to a private doctor while 44 per cent depend on nearby government hospitals for the treatment of their illnesses.

Discussing law and order, the survey said 35 per cent felt police is doing a good job but 26.1 per cent found police officers often misuse the power that they have.

People in rural India spends most of their earnings on family functions and only 10 per cent said they managed to save anything.

The Indian rural survey was carried out by a team of 175 surveyors.

PRIVATE ENTITY WILL ENTER IN INDIAN RAIL VERY SOON

Indian Railways may rope in private sector for trains on Delhi-Lucknow, Mumbai-Shirdi routes! Details here

By: Devanjana Nag | 

Published: June 26, 2019 12:54:06 PM

In a big policy shift, Piyush Goyal-led Indian Railways is looking to offer two trains to IRCTC for operation on haulage concepts with ticketing and on board services.

Initially, the official e-ticketing and catering arm of the national transporter, Indian Railway Catering and Tourism Corporation (IRCTC) will be given two trains to run.

Indian Railways to rope in private players for key train routes! Soon you may get to travel between Delhi-Lucknow and Mumbai-Shirdi on Indian Railways trains that are being run by private sector players. In a big policy shift, Piyush Goyal-led Indian Railways is looking to offer two trains to IRCTC for operation on haulage concepts with ticketing and on board services, learns Financial Express Online. The landmark move has been proposed as part of Indian Railways 100-day roadmap that has been drawn up by the Railway Board. According to an IE report, Delhi-Lucknow and Mumbai-Shirdi routes have emerged as the frontrunners for this experiment by Indian Railways.

According to the report, while Delhi-Lucknow and Mumbai-Shirdi routes are top on the list of internal considerations by the Railway Board, Ahmedabad-Mumbai, Bengaluru-Chennai, and Trivandrum-Kannur in Kerala are also being considered. All these routes are under 500 kilometres distance, as per the policy decision taken by Indian Railways. While at present, the Delhi-Lucknow route is served by around 50 trains every day, the Mumbai-Shirdi route, which is a popular pilgrimage destination in the country, does not run too many trains and is the only route under consideration by Indian Railways that is not served by a Shatabdi Express.

The capacity of the network in the 500-odd kms between the national capital and Lucknow is choked with passenger trains and goods trains, and currently, Swarn Shatabdi takes a duration of 6.30 hours. On the other hand, the 330 km long Mumbai-Shirdi route has two dedicated superfast trains, while other long-distance train services take a longer time. According to sources quoted in the report, there are two available routes to connect the two places and on both routes, feasibility is being assessed.

Initially, the official e-ticketing and catering arm of the national transporter, Indian Railway Catering and Tourism Corporation (IRCTC) will be given two trains to run. Indian Railways officials are hopeful that they will be able to operate at least one train within 100 days. The minimum specifications of on-board amenities, as well as the ticket cost, will be decided by IRCTC. The custody of the trains running on these routes will be with IRCTC and it will pay for the rakes including lease charges, to the financing arm of Indian Railways, Indian Railway Finance Corporation (IRFC).

Why did Viral Acharya quit from RBI ?

Reserve Bank Deputy Governor Viral Acharya has resigned from his post, six months before the scheduled end of his term “due to unavoidable personal circumstances”.

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Confirming his resignation, the RBI said, “A few weeks ago, Acharya submitted a letter to the RBI informing that due to unavoidable personal circumstances, he is unable to continue his term as a Deputy Governor of the RBI beyond July 23, 2019.”

Why did Viral Acharya quit?

Acharya is a strong votary of Central bank’s independence and differed with Governor Shaktikanta Das on inflation issues and repo rate reduction in monetary policy reviews this year.

Last year, the then RBI Governor Urjit Patel had differed with the government on several issues, including transferring the surplus to the government, more credit flow to small units, easing of curbs on public sector banks and funding support to the NBFC sector. Acharya had supported Patel in his feud with the government last year.

After resignation, what?

Acharya will be returning to New York University as CV Starr Professor of Economics. He was not expecting another term as he had supported former Governor Urjit Patel in RBI’s feud with the Government on several issues in late 2018, said a top-level source.

Viral Acharya Quits As RBI Deputy Governor Six Months Before His Term Ends

Viral Acharya, Deputy Governor of the Reserve Bank of India (RBI), has resigned from his post, six months before the scheduled end of his term at the Central bank.

Acharya, who had joined the RBI on January 23, 2017, had put in his papers a few weeks before the latest meeting of the Central bank's monetary policy committee (MPC) earlier this month, Business Standard reported on Monday.

"A few weeks ago, Acharya submitted a letter to the RBI informing that due to unavoidable personal circumstances, he is unable to continue his term as a Deputy Governor of the RBI beyond July 23, 2019," the RBI said in a short statement Monday.

Consequential action arising from his letter is under consideration of the competent authority, it said.

Since Acharya was appointed by Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi, the resignation would also be accepted by the panel.

He will return to teach at New York University Stern School of Business (NYU Stern) in August, as the CV Starr Professor of Economics.

Earlier this week, the Economic Times reported that RBI Governor Shantikanka Das and Acharya had differing opinions for the second consecutive time on key emerging issues that would drive the monetary policy decisions. 

To spur the economy, the RBI had cut repo rate by 25 bps to 5.75 per cent in June while switching to "accommodative" stance implying amenable to further cuts.

This is the third time on the trot that the six-member Monetary Policy Committee (MPC) has decided on a 25-basis points rate cut, making it a hat-trick of repo rate cuts.

The rate cut also comes in the backdrop of benign retail inflation. Following the MPC decision, the repo rate now stands at 5.75 per cent against 6 per cent earlier.

This is the second high profile resignation in the past six months at  RBI. In December, governor Urjit Patel resigned nearly nine months before the end of his scheduled term over differences with the government.

Acharya had joined the central bank last year after Patel was elevated to the post of governor in September 2016. The RBI is now left with three deputy governors N S Vishwanathan, B P Kanungo and M K Jain.

Acharya, who once called himself the 'poor man's Raghuram Rajan', was appointed for three years.

He took over at a time when the central bank was facing criticism for repeated changes in the rules related to deposit and withdrawal of money, post-demonetisation.

Last year, amid reported tensions between the Centre and the Bank, Acharya's speech on "undermining a central bank's independence" had made headlines for its scathing and open criticism.

"Governments that do not respect central bank's independence will sooner or later incur the wrath of financial markets, ignite economic fire and come to rue the day they undermined an important regulatory institution," Acharya had said while delivering the A D Shroff Memorial Lecture in October last year, almost two months before the then RBI Governor Urjit Patel resigned from his post.

BSNL, MTNL employees not getting salaries; Cong MP seeks govt's intervention

A Congress Rajya Sabha member Monday sought immediate steps to revive state-owned telecom firms MTNLand BSNL, saying employees were not being paid salaries on time.

Raising the issue during Zero Hour, Ripun Bora said while private sector companies have been alloted 4G and 5G spectrum, the two public sector enterprises were being forced to operate services through the 3G spectrum.

According to him, about 45,000 employees of MTNL and 1.74 lakh of BSNL were not being paid salaries on time for several months now.

"The government should bail them out," Bora said and made a case for recapitalisation of the two PSUs.

The Congress MP asked the government to take "immediate steps" to reduce losses of the two public sector telecom companies and revive them.

In his Zero Hour mention, Swait Malik (BJP) raised the issue of problems being faced by the people, including senior citizens due to cases of cheque bounce.

He described cases of cheque bounce as a serious issue and said people have lost their life savings.

Stressing that more than 20 lakh cases of cheque bounce were pending in courts, Malik made a case for stringent laws to deal with the menace.

He suggested that accused in cheque bounce cases should be made to deposit the entire amount involved in court pending disposal of the case.

How digitalisation will cause the next financial crisis

A new round of restructuring in the global economy based on digitalisation and militarisation could recreate the same structural conditions that triggered the Great Depression of 2008 suggests study

Amid rising debt levels and a slowing global economy, warnings are mounting that the global financial system is heading for another disaster.

In a new paper, William I. Robinson of the University of California adds to these warning bells by highlighting how the rapid rise of digitalisation and new technologies could potentially hurt the global economy.

In the face of a sluggish production sector and debt-driven consumption reaching breaking-point, Robinson argues that investors have turned to two intertwined outlets to invest surplus funds. One is the digital and data-driven economy. A handful of US-based tech companies that generate, extract and process data have absorbed enormous amounts of cash from 

financiers desperate for new investment opportunities, argues Robinson. He cites the examples of Apple, Microsoft and Alphabet holding hundreds of billions of dollars in reserves and the highest market capitalizations in 2017.

The enormous cash reserves and profits accumulated in the tech sector do not represent the production of new value so much as the surplus profits of the ‘digital capitalists’, writes Robinson. And the gap between the productive economy and ‘fictitious capital’ grows ever wider as financial speculation spirals out of control, he warns.

The second channel for the investment of surplus funds is in the police state. The bogus wars on drugs and terrorism, the construction of border walls, the expansion of prison-industrial complexes, deportation regimes, police, the military, and other security apparatuses, have become major sources of state-organised profit-making, writes Robinson.

Taken together, he suggests that this has led to the creation of a global police state which is controlling and repressing societies. Finally, he warns that digitalisation and militarisation are also likely to aggravate the underlying structural conditions behind the Great Depression of 2008 and trigger a similarly dire crisis.

Bank's Defaulter YS Chowdary of Sujana Group Joins BJP after Deserting TDP

Yalamanchali Satyanarayana Chowdary (YS Chowdary), chairman of Sujana group of companies and a member of Parliament (MP) from the Rajya Sabha, has joined Bharatiya Janata Party (BJP), leaving Telugu Desam Party (TDP). Mr Chowdary and his Sujana group of industries are among of the biggest bank defaulters and are under probe by several investigation agencies. 



Last year, in November, the Enforcement Directorate (ED) had attached assets worth Rs315 crore, including six luxury cars and documents during their raids at Mr Chowdary's residence and offices. The searches were conducted in a case of bank fraud of over Rs6,000 crore by more than 120 shell companies allegedly controlled by Mr Chowdary

Please check valuable 12 point before file your income tax return this year

Income tax return (ITR) filing season has begun for FY 2018-19. Don’t wait for the last date to file your ITR i.e 31 July 2019, it is better to keep all the required documents up-to-date and handy. This will ensure a smooth sail when you file your returns.

Documents’ Checklist for ITR filing

Given below is a list of all the documents that may be required while filing ITR for the financial year (FY) 2018-19. Taxpayers can take a look at each of these pointers and keep them ready if they are applicable.

• Form 16

Form 16 is a TDS certificate given by an employer. It provides the detailed break-up of the salary and the tax deducted on it. If the employer has deducted tax from the salary, it is mandatory to provide Form 16.

The new format of form 16 is in sync with the ITR-1 and ITR-2 forms prescribed for the financial year 2018-19. Form 16 includes 2 parts—Part A and Part B. Part A has the details, such as the tax deducted from the salary by the employer, Permanent Account Number (PAN) of the employee, and PAN and TAN of the employer. Similarly, Part B consists of the information regarding salary break-up, such as exemption allowances and perquisites.

The taxpayers can use the details from the Form 16 while filing their returns manually. Or else, they can just upload Form 16 on an online platform and do away the filing right away.

• Form 16A/Form 16B/Form 16C

Your bank will issue Form 16A for tax deducted from income sources such as fixed deposits. Upon selling a property, the buyer will issue Form 16B that states the tax deducted on the paid amount. In another case, landlords get Form 16C from their tenants stating the tax deducted on the rent received. Form 16C is mandatory for monthly rents above Rs.50,000.

The taxpayer can check the income received from various payees and tax deducted thereon, while filing their income tax returns, from the forms mentioned above.

• Form 26AS

Form 26AS can be thought of as a consolidated tax statement for a financial year. It includes details on all the taxes that has been deposited to your PAN, such as:

• Tax deducted by the employer
• Tax deducted by banks
• Tax deducted by other organisations based on the payments made to you
• Advance taxes deposited
• Self-assessment taxes paid

The form is available for download from the TRACES website. Taxpayers can log into the e-filing portal and download the form 26AS. They should ensure that the taxes deducted in FY 2018-19 are reflecting against their in Form 26AS. In case of any mismatch, they will have to ask the deductor to rectify the mistake, and then claim the TDS while filing returns.

• Tax saving investment proofs

All the tax-saving investments like 80C, 80D and 80E made by the taxpayer during the FY 2018-19 will have to be reported in the income tax returns. So, one has to keep all the investments proofs handy to ensure correct claim of investments is done.

For instance, a taxpayer can claim up to Rs 1.5 lakh in a financial year if he has invested in options under section 80C like EPF, PPF, tax-saving mutual funds, life insurance, NPS and so on.

Also, health insurance premiums paid for self, spouse, and/or children are eligible for tax deductions under Section 80D for a maximum amount of Rs.25,000. Insurance premiums paid for parents can bring in an additional deduction of up to Rs.50,000 under section 80D.

• Home loan statement

Loan statement provides break-up details of the principal and interest an individual has repaid to the bank towards a home loan. The document acts as a proof as well as source of information while filing ITR. Under Section 24, the interest paid to the home loan can reduce the tax liability allowing a tax claim of up to Rs.2 Lakh. Details on the interest paid and the rent received (if any) must be entered in the ITR form.

• Capital gains statement

Capital gains from property sale, mutual funds, and equity shares have to be notified to the income tax department through ITR. Purchase deed and sale deed are necessary to file the income received from selling a house. In the case of mutual funds and shares, one must have the statement from fund houses and/or brokers. For those who file ITR-2, the details of the buyer must be entered, such as name, PAN, and address. Capital gains from equity shares and equity-oriented mutual funds are taxable at 10% if it exceeds Rs.1 Lakh for FY 2018-19.

• Details of unlisted shares

Even if the source of income for a taxpayer is salary, he may hold shares of an unlisted company. In this case, it is mandatory to file ITR-2. The details of the investment along with the PAN of the company have to be submitted, such as:

• Opening balance
• Shares acquired during the year
• Shares transferred during the year
• Closing balance

• Aadhaar card

Quoting your Aadhaar card number while filing ITR has been made mandatory, if an individual has applied for it, the enrolment number may be entered.

• Pre-validation of bank account for ECS refund

From March 1, 2019, the income tax department will issue only e-refunds. Such refunds will be remitted to the bank accounts that are linked to PAN. It is necessary to pre-validate a bank account with PAN before filing your ITR.

• Bank account details

An individual must provide the details of all the bank accounts held while filing ITR. The following details have to be entered:

• Bank name
• Account number
• Account type
• IFSC code

Make sure to provide correct details so that the refund, if any is easily processed.

• Updated bank, post office, and PPF passbook

It is recommended to keep the passbooks of bank, post office, and/or PPF up-to-date before filing ITR. It becomes easier to report the details of income, such as dividend and interest with the updated passbooks.

• Interest certificates from banks and post office

These documents are necessary for taxpayers to collate the interest income earned from savings accounts and/or fixed deposit accounts.

Taxpayers must ensure correct reporting of the interest income in the ITR. Hence, it is appropriate to obtain interest certificates from banks or post office to know the actual interest earned.

If you fail to get the interest certificate, you have to get your passbook updated so that you can get to know the interest credited to your account during the financial year.

From each of the above documents gathered, taxpayers must check if personal and monetary details are appropriately recorded such as taxpayer’s PAN and interest credited. The collation of the above documents and information will ease the tax filing process for a taxpayer