Employee retired Between 01.11.2017 and 31.10.2020 arrears and revision in gratuity/pension

 

Very Important Precaution for Bankers * ———————————————————-

*Very Important Precaution for Bankers *

———————————————————-

* Staff Suspended Due To RTGS done without Customer Signature in RTGS Form*

During recent days banking turned to customer service in which RTGS transfers made via Phone calls or emails from Customers. 

In A.P , in one of the Nationalised bank they recieve Mails/ calls for RTGS from customer through their accountant regularly. 

That firm has 2 directors and operation is either or survivor. 

One fine day accountant ( very familiar to branch staff) came with a cheque signed by one partner, *RTGS form dont have that sign.*

Staff in friendly manner and with intention of customer service sent RTGS of 14 lakhs. 

After few days other partner visited the branch and said its a fraudalant transfer and to be reversed, without his signature in RTGS form. 

Branch staff verified and found the signature on RTGS form doesn’t match with signature on Cheque. 

The total value is 14 lakhs. 

The Asst Manager and Manager were in suspension. 

Sooo do customer service with safe banking. 

Its a Lesson from many incidents happening. 

Customer always intended to safeguard his money not staff. 

*Still the case is in progress as staff intentionally did and Union is unable to do anthing in this matters.*

* A/C Payee Cheques are not for NEFT/ RTGS , only for CTS clearing*

* Sign required in both Cheque and RTGS Form, who ever may be the customer * 

Pls share with all bankers and save their jobs.

DA Rate 81.9% instead of 81.8% from Nov 2020-IBA notification

 

UPDATION OF PENSION FOR BANK PENSIONERS--Letter to Hon'ble Minister of State for Finance by AIBPARC

Letter to Hon'ble Minister of State for Finance by AIBPARC

 Letter to Hon'ble Minister of State for Finance by AIBPARC is reproduced below

Quote

 Dated 15.11.2020
Shri Anurag Singh Thakur
Hon'ble Minister of State for Finance
North Block
NEW DELHI

Respected Shri Anurag Singh Thakur Ji
UPDATION OF PENSION FOR BANK PENSIONERS

We recall our meeting with your good self on 25.07.2020 in connection with our humble
contribution of Rs.2.12 crores to PM-CARES FUND. We also requested you to help
resolve our long pending demands. The warmth and a positive tone on your part
reflected empathy and compassion. This in fact proved to be a turning point in the
response of IBA to our issues.
A very favourable interview by the Hon'ble Finance Minister to The Hindu Business
Line followed by the caring concern shown by your Goodself and the Hon'ble Finance
Minister while addressing the 73rd AGM of IBA on 10th November 2020 has been

taken by our Organisation which is a Confederation of Retirees' Associations

representing the largest number of the Bank Pensioners and Retirees as delivery of
justice through your Goodself and Hon'ble Madam. Apprehending the hassles in actual
realisation of our legitimate dreams, we once again request you to consider the
following humble submissions for expeditious settlement.
FAMILY PENSION:
We wish to express our sincere gratitude to your Goodself for advising the IBA/DFS
and other Officials to resolve our long pending issues which were reiterated in the
address to the 73rd Annual General Meeting of IBA 0n 10.11.2020 by your Goodself
and the Hon’ble Finance Minister. It was heartening to note that the improvements in
the family pension scheme @ 30% of pay drawn by the employee without any ceiling
has been agreed by IBA and the same has been incorporated in the XI Bipartite
Settlement and Joint Note signed between IBA and the Trade Unions as under:

Subject to approval by the Government, it is agreed that the family pension shall
be payable at the uniform rate of 30% of the pay of the deceased employee and
that there shall be no ceiling on family pension. It is agreed that these
provisions, when approved by the Government, shall apply to SBI also.
It is also pertinent to submit that IBA’s recommendation to DFS for improvement
in Family Pension has been under consideration of DFS for about one and half
years and yet again the agreement dated 11.11.2020 makes it subject to approval
by the Government. It is quite intriguing. We therefore request you to get the
family pension improvements implemented along with salary revision including
payment of arrears to the beneficiaries of the improvements in Family pension.

We place it on record our deep sense of Gratitude for the inspiring speech and
direction to IBA and DFS by you and Hon’ble Finance Minister. It was our long
pending Request and emotionally close to our heart as it has a direct impact on the
life and well-being of the spouses of the deceased employees and the beneficiaries
are mostly the Widows who are living in penury.
We take this opportunity to once again thank you for being kind and generous.
UPDATION OF PENSION:
Hon'ble Sir, you will appreciate that our demand for the updation of pension which has
been impacting the life of every pensioner including the family pensioners has not
been settled yet. Even at the cost of repetition, we wish to mention that despite several
rulings by the Apex Court that the Salary Revision and Pension Revision are
inseparable; Pension is not a bounty; Pension is a deferred wage etc, our Pension has

not been revised despite Six Salary Revision Settlements after 1987. It has created
such an anomalous and unfair situation that a Top Executive Grade General Manager
who retired after 1.11.1987, draws lesser pension than a senior clerk who retires
currently. We had expected this also to be set right in the Salary Revision Settlement
which was signed by the concerned parties on 11.11.2020 immediately after your
advice to the IBA and DFS. It has left more than 4,00,000 pensioners disappointed. In
this connection we wish to once again submit the following for your kind and
sympathetic consideration:
Our request for updation of pension is not a demand to grant a fresh benefit as it is
already provided in the Pension Settlement of 1993 and incorporated in Bank Pension
Regulations 1995 vide Regulation 35(1) as under:
Basic Pension and Additional Pension, wherever applicable, shall be updated
as per the formulae given in Appendix - I (Government Gazette Notification No.9
dated 1.3.2003)
It is inexplicable and beyond human comprehension as to why the benefit of a
legal and pre-existing provision is being denied in a completely brazen and

arbitrary manner. What has hurt the senior and super senior citizens of the
banking industry more is that despite your unambiguous message, the
procrastination continues on some pretext or the other.
We on our part as a responsible organisation have been writing to Hon'ble FM,
your Goodself, DFS and IBA for several years duly furnishing the detailed
working reiterating that the annual increase in the pension for all the banks
including SBI comes to Rs. 5,322 crores, which does not involve any additional
provision at this juncture as illustrated below:

a) The amount of regular pension and family pension paid during the year 2018-
19 was Rs.17,415.16 crores
b) The interest income and regular annual contribution to the Pension fund
was Rs. 32,023.00 crores
c) Undisbursed/unutilised surplus in the Pension Fund for the year 2018-19
was Rs.14,607.84 crores
d) Additional liability towards pension updation using RBI updation factors
comes to Rs.5,322.87 crores
(The cost of updation has been calculated for all the 4,41,000 pensioners who
have retired upto 31.10.2017 and are eligible for updation of their pension as per
the salary revision settled on 11.11.2020).
From the above details it is clear that even after grant of updation of pension
there will remain an annual surplus of Rs. 9,284.97 crores thereby obviating the
need for any additional immediate provision and thus protecting the balance
sheets of the banks. If any bank has not followed the provisioning norms as per
Pension Regulations or misutilised the Fund, that alone would be required to
provide if their annual actuarial estimate in terms of Regulation 11 so warranted.
It is humbly submitted that the Public Sector Banks are the State within the meaning
of Article 12 of the Constitution and Bank Pension Regulations are made in exercise
of the powers conferred by clause (f) of sub-section (2) of Section 19 of the Banking
Companies (Acquisition and Transfer of Undertakings) Act, 1970 by the Boards of the
Banks in consultation with RBI and with the previous sanction of the Central
Government. Hence it is the statutory obligation on the part of the banks to
implement these regulations including Regulation 35(1) which provides for the
updation of the pension. While the guidelines from the Banking Regulators to
provide for NPAs are followed without blinking, it is beyond common
comprehension as to why statutory provisions are not being implemented
perpetually with impunity.
Hon'ble Sir, your address and reiteration by Hon'ble FM to the 73rd AGM of IBA
have truly raised the hopes and aspirations of the rank and file of our
membership who contributed to the nation building during their active service
and continue to chip in even after retirement whenever the occasions demanded
like PMJDY campaign, Demonetization etc. You are there and our last hope to
help realize our legitimate due.
We humbly request you to settle this long pending issue urgently so that this
hitherto neglected section of the pensioners could get the benefit of revision of
pension alongwith the revision of salary for the serving employees. Meanwhile,
we request for grant of interim relief based on the RBI Pension Updation
Formulae.

100% DA NEUTRALISATION TO PRE- NOVEMBER 2002 RETIREES:
We also request you be kind enough to resolve the issue of 100% DA
neutralisation to Pre-November 2002 retirees who continue to be discriminated
unfortunate lot. It may be appreciated that price rise affects all retirees in equal
measure and discriminating against senior retirees who retired before
1.11.2002, is not only not legal but also against the principles of equity and
fairness while being violative of Article 14 of the Constitution.
DISCRIMINATORY MEDICAL SCHEME:
The pensioners and retirees have been discriminated in the matter of Medical
Insurance Scheme which was introduced in the year 2015 in accordance with
the guidelines issued by DFS to IBA vide letter dated 24.02.2012 to evolve
medical insurance scheme for both the serving employees and retired
employees. While implementing the same IBA advised the banks to bear the
Medical Insurance Premium for serving employees and left the retirees to fend
for themselves if the wished to join the scheme. The introductory premium
which was Rs.7,500 in the first year was successively increased to more than
Rs.90,000/ for Health care domiciliary treatment for the year 2019-20 thus
making it unaffordable out of meagre pension drawn. It has driven many out of
the scheme on the grounds of unaffordability. It will not be out of place to
mention here that the Board Level Retirees - ED/MD/CEO/CMD are provided free
medical facility as they were enjoying during their service. The serving
employees are also provided free medical facility. It therefore becomes very
brazen to discriminate against retirees alone against the spirit of Government
Communication dated 24.02.2012.
In view of the forgoing submissions, we humbly request you to advise DFS &
IBA to settle these issues also forthwith without further loss of time and provide
much awaited relief to those warriors who are in the twilight of their life.
We shall always remain grateful to you for rendering justice to us at this stage
of our life.
With Best Regards,
Yours Sincerely,
K V Acharya      S Sarkar
Presiden         t    General Secretary
AIBPARC &        AIBPARC
Joint Convener -CBPRO

Bank Holidays 2021 List

 

West Bengal Bank Holidays 2021 List

Date	Reason/Remarks
January
January 23, Saturday, 2021	Netaji Subhas Chandra Bose Jayanti
January 26, Tuesday, 2021	Republic Day
February
February 4, Thursday, 2021	Swami Vivekananda Jayanti
February 16, Tuesday, 2021	Vasant Panchami
March
March 29, Monday, 2021	Holi
April
April 2, Friday, 2021	Good Friday
April 8, Thursday, 2021	Buddha Purnima
April 14, Wednesday, 2021	Dr Ambedkar Jayanti
April 15, Thursday, 2021	Bengali New Year
May
May 1, Saturday, 2021	May Day
May 8, Saturday, 2021	Guru Rabindranath Jayanti
May 12, Wednesday, 2021	Idul Fitr
July
July 20, Tuesday, 2021	Bakrid / Eid al Adha
August
August 15, Sunday, 2021	Independence Day
October
October 2, Saturday, 2021	Gandhi Jayanti
October 6, Wednesday, 2021	Mahalaya Amavasye
October 13, Wednesday, 2021	Maha Saptami
October 13, Wednesday, 2021	Maha Ashtami
October 14, Thursday, 2021	Maha Navami
October 15, Friday, 2021	Vijaya Dashami
November
November 4, Thursday, 2021	Lakshmi Puja
November 4, Thursday, 2021	Diwali
November 19, Friday, 2021	Guru Nanak Jayanti
December
December 25, Saturday, 2021	Christmas Day For other state holiday  click on below link https://www.askbankifsccode.com/holidays/2021

There are 96 Thousand Tractors and 12 million Farmers protesting on the border of Capital of India

Hello Everyone

Though it is not a banking related issue even yet I post this news here to show the unity and strength of farmer.Already agriculture minister want to speak with them on 3rd December if they want. Home minister also in the field. banker also learnt something from farmer

There are 96 Thousand Tractors and 12 million Farmers protesting on the border of Capital of India " New Delhi". Dear World, it's the Longest March in the history of Planet Earth by farmers for roll back of three laws imposed on them by present "Government of India". Please Support Us, as the "Farmers Produces" are daily three times on your Dining Tables. Indian Media is paid by Agencies and are fabricating the protest. Support Us, in writing the "Most Beautiful Chapter in the History of this Planet Earth".

Just forward this text to everyone in your friend circle, this is the only contribution we need from you.

Let it be the repayment of everything a farmer has given to you & your Family directly or indirectly.

Just one forward Please

Why commutation of Pension is restored after 15 years ?

Why commutation of Pension is restored after 15 years ? Commutation of pension started as a welfare measure. For those retired before 2.09 2008 it is recovered with interest in 12.08 yrs. While for those retired after 2.09.2008 it is recovered in 10.194 yrs ( 8.194 yrs principle & 2 yrs Intt) then why Govt continue to deduct for 15 yrs. Is it not unjust enrichment by Govt at the cost of senior citizens? Fixing of 15 years recovery is arbitrary and without any mathematical calculations. Govt.says mortality factor is taken into account.Because after death recovery is to be waived off. But it is not true because after death , family pension is just halved after 7 yrs from date of retirement . Before 2008 Govt was charging intt. Of 4.75% but after 2008 they are charging market rate of 8%. So where it remained a social welfare measure? Then life expectancy is increasing and interest rate r falling, after increase of age of retirement from 58 to 60 and new commutation formula Govt.liability has decreased by 16.5 %, commutation factor came down from 10.86 to 9.81to 8.194 Should the benefits be not passed on to Retired senior citizens. Recently FORIPSO, a retired IPS officers forum has filed IPL in Delhi High Court and high court has asked the Govt to file basis of calculation of 15 Years. Case is pending. Should Bank's union also file PIL against Govt for this unethical & immoral loot by Govt by charging higher intt. Rate and continue to deduct illegaly from pension of poor senior citizen even after full payment of Principle & intt. In 10.194 years & hence for reduction of 15 years period for restoration of full pension.

Poor pensioner hit from all sides. When all these injustices will end

Received through WhatsApp group.

Expected DA for Banker from Feb 2021

Expected DA Calculation Updated on 27.10.2020 on the basis of CPI for the month of Oct'20 announced on 27.11.20 as 7715.15 (increase of 1.50 points in CPI) & available CPI data for the month of Oct'20

1. On assumptions if there is an increase of 1.50 points of CPI for the month of Nov'20 and Dec'20, keeping in view of recent huge rise in prices of potato, onion etc. In this situation the expected (tentatively) increase in DA Slabs would be 61 slabs and the total tentatively revised DA slabs would be 879 slabs i.e. 87.90% on existing pay and in terms of 11BPS total tentatively revised DA slabs would be 401 i.e. 28.07%.
2. On assumptions if there is an increase of one points of CPI for the month of Nov'20 and Dec'20. In this situation the expected (tentatively) increase in DA Slabs would 52 slabs and the total tentatively revised DA slabs would be 870 slabs i.e. 87.00% on existing pay and in terms of 11BPS total tentatively revised DA slabs would be 392 i.e. 27.44%.
3. On assumptions if there is an increase of 0.50 points of CPI for the month of Nov'20 and Dec'20. In this situation the expected (tentatively) increase in DA Slabs would 44 slabs and the total tentatively revised DA slabs would be 862 slabs i.e. 86.20% on existing pay and in terms of 11BPS total tentatively revised DA slabs would be 384 i.e. 26.88%.
4. . If CPI remains same for next 2 months then DA w.e.f. 01.02.2021 will be increased to 26.3% from Present 23.8%.

Swami Vivekananda Swanirbhar Karmasanasthan Prakalpa loan upto 10 lakh with subsidy 1.50 lakh for individual without any security

 

Swami Vivekananda Swanirbhar Karmasanasthan Prakalpa

Swami Vivekananda Swanirbhar Karmasanasthan Prakalpa

It is commonly believed, and not without reasons, that despite being intellectually more sound, well- informed and career-conscious, today's youth of this state often lack the zeal, industriousness and foresight that make a person enterprising. It is, therefore, necessary to create awareness to inculcate in them the values of creativity, excellence, innovation, leadership and independence assuming, hopefully, that these values will inspire them to select an independent innovative career option and excel in the chosen career. In other words, the need of the day is to inculcate the spirit of entrepreneurship into the psyche of the present generation of West Bengal through teaching, training and extending opportunities. With this end in view the Government of West Bengal came up with the scheme 'SWAMI VIVEKANANDA SWANIRBHAR KARMASANASTHAN PRAKALPA'with the single most important mission to spearhead entrepreneurship movement throughout the state with the conviction that entrepreneurs need not necessarily be born, but can be developed through well-conceived and well-directed activities.

This scheme shall be called 'Swami Vivekananda Swanirbhar Karmasanasthan Prakalpa' (Notification No. 597/SH/1M-44/12 dt. 19.09.2012) and for individual/individuals (upto 4 nos.) it shall be called 'Atrna Maryada' and for groups of 5 and above entrepreneurs it shall be called 'Atma Samman' hereinafter referred to as the Scheme.

 

Objective:

The objective of the scheme is to generate self- employment in the Urban and Rural areas of the State through promotion of tiny scale units of production, manufacturing, trade, service or any other sector including agro-based industries, floriculture, horticulture, animal husbandry other than direct agriculture.

Applicability:

• The scheme shall be applicable to all eligible entrepreneurs, individually or in groups (subject to a minimum of five members and all of them belonging to the same area), who want to generate income by setting up viable tiny scale units or to run, revive or improve any existing unit. The project cost for an individual applicant will be subject to a maximum limit of Rs. 10 (Ten) lakhs and for groups of 5 (Five) or more the maximum project cost will be limited to Rs. 25 (Twenty Five) lakhs.
• More than 1 (one) member from the same family shall not be eligible for constituting a group and shall not be eligible for subsidy under the scheme.
• Employees of Central/State Govt/Govt. Undertakings and their families will not be eligible to come under the purview of the scheme.

Eligibility:

An individual entrepreneur or a group of entrepreneurs preferably registered with any employment exchange of the State and whose family income (respective family income of individual member in case of a group) does not exceed Rs. 15,000/- per month and, who intend(s) to generate income by setting up any viable unit of industry, trade, services etc. or reviving or improving an existing unit, will be eligible under this scheme.

প্রশিক্ষণের মাধ্যমে বেকার যুবক যুবতী দের দক্ষতা বৃদ্ধি করে, স্বনির্ভর করার উদ্দেশ্যে নিয়ে পশ্চিমবঙ্গ সরকারের ” স্বামী বিবেকানন্দ স্বনির্ভর কর্মসংস্থান প্রকল্প ” নাম একটি প্রকল্প বর্তমান।

১৮ থেকে ৪৫ বছর বয়স্ক যে কোনও বেকার যুবক / যুবতী যার পারিবারিক মাসিক আয় ১৫ হাজার টাকার নীচে সর্বাধিক ১০ লক্ষ টাকা পর্যন্ত ব্যাংকে গ্রহণ যোগ্য কোনও প্রকল্পের জন্য আবেদন করতে পারেন।এই সীমা ৫ বা তার বেশি সদস্য যুক্ত কোনও দলের প্রকল্পের ক্ষেত্রে সর্বাধিক ২৫ লক্ষ্য টাকা পর্যন্ত মঞ্জুর হতে পারে। সুতরাং এই প্রকল্প টি দুই ভাগে বিভক্ত

১) আত্মমর্যাদা -একক – ১০ লক্ষ্য পর্যন্ত প্রকল্প

২) আত্মস্মমান -যৌথ – ২৫ লক্ষ্য পর্যন্ত প্রকল্প

এই প্রকল্প গ্রামীণ বা শহুরে এলাকায় যে কোনো ধরনের ক্ষুদ্র শিল্প , উৎপাদন একক ,ট্রেডিং ইউনিট , সার্ভিস পয়েন্ট এছাড়াও কৃষি ও প্রাণী সম্পদ যুক্ত যেকোনো এককের জন্য প্রযোজ্য। কেন্দ্র সরকারি , রাজ্য সরকারি এবং সরকার অনুমোদিত কোনো সংস্থায় কর্মরত বা তার পরিবার এই প্রকল্পে অংশগ্রহণ করতে পারবেন না।

অর্থসংস্থান :  ১) প্রকল্প ব্যায়ের ৫ শতাংশ আবেদনকারী কে দিতে হবে।
২) ৩০ শতাংশ রাজ্য সরকারের অনুদান ( একক প্রকল্পে সর্বাধিক ১.৫ লক্ষ্য এবং যৌথ প্রকল্পে সর্বাধিক ৩.৫ লক্ষ্য টাকা )
৩) বাকি ৬৫ শতাংশ অথবা অবশিষ্ট অংশ রাষ্ট্রায়াত্ত ব্যাঙ্ক বা আর্থিক সংস্থা থেকে বর্তমান সুদের হরে দেওয়া হবে।

বিভিন্ন প্রকল্পের লিস্ট : 

1. Agrobased Industries :
   a) Mustard Seed Processing
   b) Potato Cheaps Processing & Selling
   c) Muri Making
   d) Ghee Manufacturing
   e) Noodles Making & Selling
   f) Bamboo & Cane Furniture Making & Selling
   g) Tomato Sauce Making & Selling
   h) Chanachur Making
2. Horticulture :
   a) Nursery & Grafting
   b) Ornamental Floriculture
   c) Seed Business
3. Animal Husbandry:
   a) Dairy
   b) Poultrv
   c) Goat Rearing
4. Fishery :
   a) Aquarium & Ornamental Fisheries
   b) Pisciculture
   c) Fishing Net making
5. Manufacturing& Production(Non– Agro ) :-
   a) Soft Toy Making.
   b) Bungle from Sankha.
   c) Baluchari Saree Making.
   d) Tin Box Production.
   e) Manufacture of Concrete Rings.
   f) Weaving.
   g) Grill & Gate Manufacturing.
   h) Manufacturing of Battery.
   i) Wooden Furniture.
   j) Bidi Making.
   k) Drinking Water Packaging.
   I) Steel Furniture.
   m) Soap Making.
   n) Brass Utensil Making.
   o) Khata Manufacturing.
   p) Mustard Oil Mill.
6. Trade & Business:
   a) Medicines wholesale.
   b) Fertilizer Pesticide & Seed business.
   c) Cement wholesale.
   d) Building material trading.
   e) Bedding material.
   f) Cloth shop.
   g) Spare parts selling.
   h) Book selling.
   i) Audio Casette wholesale.
   j) Readymade garments.
   k) Grocery & Stationery.
   l) Shoe & Footwear business.
   m) Rice & Paddy business.
7. Service :
   a) Transport Service.
   b) Motor Cycle Repairing Garage.
   c) Tailoring.
   d) Electrical Wiring.
   e) Hair Cutting Saloon.
   f) Laundry.
   g) Hotel.
   h) Lethe Workshop.
   i) Offset Printing.
   j) Beauty Parlour.
   k) Ambulance.
   l) Tractor / Power tiller.
   m) STD Booth, Xerox.
   n) Auto Rickshaw.
   o) Computer Training.

যোগাযোগ : আপনার নিকটবর্তী ব্লক বা মুনিসিপিলিটি অফিসের স্বনির্ভর গোষ্ঠী এবং স্বনিযুক্তি বিভাগের এস এইচ জি সুপারভাইসার বা প্রকল্প স্বহায়ক এর সাথে যোগাযোগ করুন।

Another Rs 1200 cr fraud in 12 different bank===CBI registered case

The central probe agency CBI has registered a case of corruption and cheating against the directors of a Delhi-based company for defrauding 12 banks to the tune of ₹ 1,200 crore.

However, it is feared that the accused may have fled the country.

Sources said that the company's directors were not traceable when the CBI conducted searches on Wednesday.

According to sources, while the CBI is taking necessary steps to extradite the accused, the National Company Law Tribunal (NCLT) has also issued non-bailable warrants against the directors of Amira Pure Foods Pvt Ltd.

A creditor had moved the NCLT for insolvency proceedings.

The liquidator appointed in this case, Akash Shinghal, told NDTV that the directors of this firm are "not cooperating with the proceedings and their whereabouts are unknown".

The accused have been identified as Karan A Channa, his wife Anita Diang, Aparna Puri, Rajesh Arora and Jawahar Kapoor.

The consortium of 12 banks, led by the Canara Bank, had also moved the Debts Recovery Tribunal (DRT) against the accused in 2018.S

Around 2 million cheques worth about Rs 18,000 crore could not be sent for clearance due to the strike

Around 2 million cheques worth about Rs 18,000 crore could not be sent for clearance due to the strike called by bank employees on Thursday. Bank employees joined the national general strike called by various unions and independent federations in different sectors in protest against the continued anti-worker labour policies of the government.

C H Venkatachalam, general secretary, All India Bank Employees Union (AIBEA), said that nearly 2 million cheques worth Rs 18,000 crore could not be sent to clearing houses due to the strike.

"Employees joined the strike with enthusiasm and expressed their anger against the government’s policies. We thank them for their participation and support to the strike," he said.

Apart from AIBEA, other bank unions - AIBOA, BEFI, INBEF, AIRBEA, AIRBWF, Unions in RRBs, Unions in co-operative banks also joined the strike.

Venkatachalam said that in spite of opposition from the unions, the government was going ahead with its policy of privatisation and unwarranted merger of banks. He also said that instead of focussing on recovery of corporate bad loans, the government was giving concessions to corporates and increasing service charges for common people.

Unions' demands include strengthening of public sector banks instead of their privatisation. Unions also oppose allowing corporate houses to promote banks, closure of bank branches and the amalgamation of Lakshmi Vilas Bank with DBS Bank. The unions have also urged the government to take action against 9,331 wilful defaulters, who alone owe Rs 1,22,018 crore to the country's lenders.

An opinion on The big myth on Income Tax Payers in India :

An opinion on The big myth on Income Tax Payers in India :

 Data from a Chartered Accountants'Company Secretaries and other professional bodies and groups.......;

✍ FM said during her budget speech that we are largely a tax *'non- compliant'* society and presented that only *3.7 crores* are  filing ITRs in this poor country of 125 crore population .

*The reply by CAs ,CSs,CMA,s

Madam,

We have 82 crore voters out of which,

- *75% are agriculturists*  ie. 61.5 crores ( You exempted them straightaway, but they can also buy cars , bungalows etc. as you quoted.. Your political colleagues are also enjoying this exemption) 

*Balance remains... 20.5 crores* 

*Less:24% BPL class* ( Below poverty line)

Means 15 crore population ( which is non agriculturist and non BPL) .. 

*Less : Senior Citizens, Non working wives, unemployed youths, below-taxable income earners... political class.. (say 75%)* ... in a typical indian family only 1 earning member and 5/6 are dependent on him....

*Balance: (15-11.25)=3.75 crores is the earning class ... which can file ITRs and ... they are already filing it...*

.... So almost no gap as FM  is stressing unnecessarily without knowing her country🤓😝😱

if FM wants more people to come into tax net ... then... instead foolishly resorting to rampant raids, surveys, notices, scrutiny,  demonetisations etc etc viewed as *tax terrorism*  ... she should defy her negative bureaucrats and .......

1. Introduce simple Income Tax on Agricultural Income on large landlords ( Say 10 Acres plus ) - you can add 26% of Agriculturists as tax payers *( Politicians are also enjoying this exemption )*

2. Instead of introducing 5000 /10000 penalties on late filers of IT return ...

*come out with positive approach and introduce incentives to IT return filers* ( learn from Pakistan, IT assessee gets discount in purchase of Car )

3. *Introduce Privilege card to  those paying taxes above certain limit.. privilege card to entitle assessee with benefits like Priority quota in railway tickets , Use of airport lounges, subsidised medical facilities, etc etc...  let Tax payers feel proud*

4. *Introduce medical insurance / life insurance on basis of average ITR filled... like coverage upto twice of Gross Income in ITR filed for mediclaim and ten times risk cover in case of life insurance* 

5. *Introduce Pension after 65 yrs of age on the basis of tax paid by tax payer during his/her working life..*

Let honest taxpayers get certain direct benefits.... 

As on today, 3.3% of Indian population is filing ITRs as compared to 8% of China...adding large agriculturists to Income Tax may shoot the figure to more than 10% .... it may help you to cool your tax terrorism mindset and a tax compliant nation ...😊

*LET'S SPREAD THIS TO EDUCATE HONEST TAX PAYERS*

******†***

I support above msg

Pl forward it to maximum numbers

Pension Updation: PSB Retirees

*Pension Updation: PSB Retirees*

_(Reproduced by Gireesh, DCS, AlBPARC, Trivandrum)_

Some of our friends are eager to know about  effect of updation on their pension, as and when it will happen. They are requesting me the methodology of updation and its impact on their pension. I have posted the conversion factor to bring out a fact that it is not at all difficult to calculate the  actual cost of updation by the banks.  One can get the actual cost of updation for each bank, by a simple programme with these factors  with in a few hours. Consolidation and the  cost impact  for the entire industry can be analysed with in a week by any actuary and hardly it will not take more than a month to come to a decision.

Hence the matter cannot be delayed citing the cost factor as the total  annual cost of updation by all banks  will be around 3% of pension funds, which can easily be met from the pension funds if RBI formula is implemented. .

The effect of updation of pension  will be that

1. 100% D.A. Neutralisation would be granted for the pensioners retired from 1-01-1986 to 31.10.2002.

2.  If pension is updated at 6352 points uniform DA rate will be applicable for all retirees at 0.07% per slab wef August 2019.

3.  As DA is merged with basic pay during every bipartite settlement , the basic pension  too has to be converted  by  merging applicable DR with a conversion factor.

4. GOI, Ministry of Finance vide ref 11/5/2001 dt 04.06.2019 has approved updation of pension for RBI pensioners with a formula for arriving at the conversion factor.

5.  Based on the above RBI formula ,the basic pension has to be notionally revised with respective wage revision , with a conversion factor as follows.

6. Conversion factor with10% load as done in RBI  for various periods of settlement is as follows.

a.  Retirees before 01-11-1992, Conversion factor 19.84

b. Retirees between 01-11-1992 to 31-03-1998, conversion factor 9.40

c. Retirees between 01-04-1998 to 31-10-2002,  conversion factor 5.82

d. Retirees between 01-11-2002 to 31-10-2007 conversion factor 3.90

e. Retirees between 01-11-2007 to 31-10-2012, conversion factor t 2.85

f. Retirees between 01-11-2012 to 31-10-2017, conversion factor 1.62

g. Retirees after 01-11-2017 - The revised pension will be  fixed will as  fixed with revised BP after merger of CPI 6352.

7.  How to calculate updated eligible pension: Select the period of retirement. Apply the conversion factor for the relevant period and multiply it with original pension. ( Before Computation).

For example

Conversion factor for those who retired between 01.11.2007 to 31.10.2012 is 2.85 as per RBI formula on pension updation.

Present Pension before commutation*2.85 = Revised pension .

Apply DR at 20.79% ( for Aug 20 to Jan 21) on revised pension.

Revised Pension-Com value+ DR on revised pension = Net Pension

Note: 1. This is only a rough calculation based on the available input and data and final figures depends upon the formula and conversion factor to be adapted. This post is to help the retiree to get some insight about the benefits of up dation of pension.

2.The present index as on Nov 20 is 7713 and there is a likely increase of more than 3% DR in the updated pension as per 11th bipartite.

*Vijayaraghavan R*

(Ex-lOB) - ARISE

HOW TO CLAIM TAX RELIEF ON SALARY ARREARS RECEIVED BY YOU?

This year you have received salary arrears or commutation of pension pertaining to previous years, and now you may fear it’s going to move you up a tax slab with additional tax burden. This is because of tax rates may be higher in the year arrears are received as compared to the year to which they belong. To protect you from any additional tax burden, due to delay in receiving income, the income tax laws allow you a relief under Section 89(1). This relief can be directly claimed in your income tax return, if you have received any portion of your salary in arrears.  The purpose behind providing this relief is to ensure that a taxpayer does not fall in the higher tax bracket simply because he or she received his salary arrears in a different year.

 In order to claim relief under Section 89(1) concerning arrears of salary, an individual is required to submit Form 10E to Income tax department. As per Section 89(1) read with Rule 21A under Income Tax Act 1961, tax relief is provided by recalculating tax for both the years; the year in which arrears are received and the year to which the arrears pertain. Your taxes are adjusted assuming arrears were received in the year in which they were due.

Calculating relief u/s 89(1): The relief is calculated based on both inclusive as well as exclusive of arrears in the year of arrears receive as under;

1. Calculate tax payable on the total income, including additional salary (arrears) received.
2. Then compute the tax for every year to which the arrears pertain (including as well as excluding arrears).

Now find out the difference of tax payable between (1) and (2).  If tax payable as per (1) is more than (2), relief is available to the taxpayer by filing Form 10-E.

However, it is mandatory to file form 10 E to claim relief u/s 89(1) before filing your annual IT return. Suppose, you have received arrears in the FY 2020-21, you have to choose assessment year (AY) 2021-21 to file F-10 E.

Here’s how you can file Form 10 E: –

Log on to www.incometaxindiaefiling.gov.in.

 Log in to your account using your User ID and password along with your date of birth. Once you are successful in logging in to IT website, select the option and click on the tab called ‘e-file’.

Now, move and select the option of Income Tax Forms. The drop-down list of forms will be appearing on the screen. Select Form 10E from it.   You need to fill-in your name, PAN and other details and also need to enter the assessment year (Suppose, you have received arrears in the FY 2020-21, you have to choose assessment year (AY) 2021-21). Read the guidelines carefully, and begin to fill-in the form which is divided into four Annexures.   

Annexure-I: Fill this annexure if you’re claiming relief with respect to pension or salary received in arrears or premature withdrawal from your Provident Fund.

Annexure-II: If you’ve received a gratuity amount for rendering your service as an employee for a time period between 5- 15 years, then fill up the details in this annexure.

Annexure-IIA: This annexure is to claim relief in the gratuity amount received for rendering services for more than 15 years.

Annexure-III: You can claim relief in respect to the compensation received on termination of employment by filling up Annexure III.

Annexure-IV: This has to be filled when relief is claimed with respect to commutation of pension.

    Once you’ve filled up the form, you can preview it before you finally submit it or if you want to submit it later on you may press “Save Draft’ button and save the details filled in. The ‘Save Draft’ button at the bottom of the screen will allow you to save the information you’ve entered so that you can complete the form later.

ONCE YOU HAVE SUBMITTED F-10E ONLINE, NO NEED TO ATTACH ITS COPY WITH YOUR INCOME TAX RETURN. However, for future reference, it is advisable to keep a hard copy of 10E with your financial papers.

OriginalArticle published in Banking school.co.in  site

KISAN CREDIT CARD (KCC) SCHEME FOR FARMERS,ANIMAL-HUSBANDARY AND FISHERIES

Kisan Credit Accounts are normally short term crop loans emerged as an innovative credit delivery mechanism to meet the production credit requirements of the farmers in a timely and hassle-free manner. The repayment period may be fixed as per the anticipated harvesting and marketing period for the crops for which a loan has been granted.  Now KCC facilities extended to animal-husbandry and fisheries.

Kisan Credit card (KCC) is a type of credit card specially designed for farmers as a form of credit for their cultivation and other needs. Banks may choose to issue EMV (Europay, MasterCard, and VISA) chip and RUPAY compliant chip cards with magnetic stripe and pin with ISO IIN. The farmers can use their KCC to purchase agriculture inputs such as seeds, fertilizers, pesticides, etc. and draw cash for their production needs such as to meet the short term credit requirements for cultivation of crops, Post-harvest expenses,  Produce Marketing loan, Consumption requirements of farmer household, Working capital for maintenance of farm assets and activities allied to agriculture, like dairy animals, inland fishery, etc. In addition to the above short term credit limit, farmers are also eligible for a long term credit limit for pump sets, sprayers, dairy animals, etc.

Pursuant to the announcement in the interim budget 2019, the Reserve Bank of India carried out circular asking banks to extend the facilities of Kisan Credit Card (KCC) to Animal Husbandry farmers and Fisheries to help them meet their working capital requirements. According to RBI circular FIDD.CO.FSD.BC.12/05.05.010/2018-19 dated Feb 4, 2019, the new KCC facility will include the short term credit requirements of the rearing of animals, birds, fish, shrimp, other aquatic organisms, the capture of fish.

The usage of Kisan credit card has many advantages. The borrower needs not to worry about the timings of his bank or bank holidays to withdraw the cash. The ATMs in the neighborhood provide round the clock payment services. This helps cardholders to draw money, at any time convenient to them.  The cash can also be withdrawn through BC (banking correspondent). The Payment to the input dealers can be made by swiping the card on the POS machine held by the dealer. Payment of Utility bills electric bill, water bill, etc. can be made through online card payment which saves time and money to visit bill collection offices for cash payment. The other advantage of payment made through KCC is that it is error-free. In cash payments, there is a possibility of short payment or excess payment or difficulties in tendering exact changes at payment counters.    The Kisan cardholders do not face the danger of inadvertently accepting counterfeit notes as it happens in cash transactions.    Carrying Kisan credit cards while traveling is much safer compared to carrying cash. The cash if stolen, the chance of getting back is difficult, whereas if the card is stolen the thief cannot utilize the card unless he knows the numeric password (PIN). The Cardholder can also immediately report to the card-issuing bank to stop the transactions of the lost card.

Fixation of credit limit / Loan amount: For cultivating a single crop (short term crop) in a year, the credit limit under the Kisan Credit Card is fixed on the following assessment. The  Scale of finance for the crop (as decided by District Level Technical Committee) x Extent of area cultivated + 10% of limit towards post-harvest/household/ consumption requirements + 20% of limit towards repairs and maintenance expenses of farm assets + crop insurance and/or accident insurance including PAIS, health insurance & asset insurance. For subsequent years, the first-year limit for crop cultivation purpose arrived at as above plus 10% of the limit towards cost escalation/increase in the scale of finance for every successive year (2nd, 3rd, 4th, and 5th year). For marginal farmers, a flexible limit of Rs.10, 000/- to Rs.50, 000/- be provided (as Flexi KCC) based on the landholding and crops grown.

For the long term loan limit, the following method is adopted.

The short term loan limit arrived for the 5th year plus the estimated long term loan requirement will be the Maximum Permissible Limit (MPL) and is to be treated as the Kisan Credit Card limit. The credit limit of the card will vary according to the repayment schedule drawn as per the economic life of the proposed investments. However, the total liability at any point in time should be within the drawing limit of the concerned year.

Validity / Renewal

Banks may determine the validity period of KCC and its periodic review. Such a review may result in the continuation of the facility, enhancement of the limit, or cancellation of the limit/withdrawal of the facility, depending upon an increase in cropping area/pattern and performance of the borrower. In case of the limit extension and/or re-scheduled period of repayment beyond crop season on account of natural calamities affecting the farmer, the aggregate of debits for which extension is granted is to be transferred to a separate term loan account with the stipulation for repayment in installments.

Security:

Hypothecation of crops up to card limit of Rs. 1.00 lakh is as per the extant RBI guidelines. Wherever tie-up arrangements available for recovery banks may consider sanctioning loans on hypothecation of crops up to card limit of Rs.3.00 lakh without insisting on collateral security. Collateral security may be obtained at the discretion of the Bank for loan limits above Rs.1.00 lakh in case of non- tie-up and above Rs.3.00 lakh in case of tie-up advances. The bank may ask for suitable collateral security if warranted as per their policy.