BREAKING NEWS

BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first*** DA FOR BANKER FROM FEBRUARY 2023 SEE DETAILS CHART FOR OFFICER AND WORKMAN***Outcome of Today’s meeting with IBA - 31.01.2023***All India Bank Strike 27.06.2022******PLEASE VISIT INDIAN TOURISM CULTURE & HERITAGE *****NITI Aayog finalised names of Two public sector banks and one general Insurance Co. for privatisation****No economic reason to privatise PSU banks---post date 24.05.2021******Mobile users may soon be able to switch from postpaid to prepaid and vice versa using OTP*****India May Privatise or Shut 46 PSUs in First 100 Days, Says NITI Aayog's Rajiv Kumar----We should start with the banks*****Expected DA for Bank Employee from August 2019 is 24 slab to 29 slab*****RTGS time window from 4:30 pm to 6:00 pm. with effect from June 01.06.2019******WITHOUT CUSTOMER'S CONSENT BANK CAN NOT USE AADHAAR FOR KYC ----RBI***** Salient features of Sukanya Samriddhi Account---Who can open and how?******OBC posts 39% rise in Q4 profit, OBC readt tWITHOUT CUSTOMER'S CONSENT BANK CAN NOT USE AADHAAR FOR KYC ----RBI o take another Bank--MD MUkesh Jain*******DA FOR BANKER FROM NOV 2018 IS INCREASE 66 SLAB I.E 6.60%****40,000 STANDARD DEDUCTION IN YOUR TAX - IS A GREAT DRAM/BLUFF BY JAITLY SEE DETAILS+++++++Cabinet approves plans to merge PSU banks-The final scheme will be notified by the central government in consultation with the Reserve Bank. post date 23.08.2017****IBA to restrict the negotiations on Charter of Demands of Officers' Associations up to Scale-III only post dated 07.07.2017*****

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BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first****Outcome of Today’s meeting with IBA - 31.01.2023*********

Monday, October 31, 2016

Salary of West Bengal Primary School Teacher 2016

What is the salary of West Bengal Primary School Teacher?

How much West Bengal Primary School Teacher get cash in hand?


There are many queries by our readers regarding west Bengal primary school teacher salary structure. We have put the details of primary school teacher salary  as mentioned below:



Salary details  month wise projection for whole year 2016:



15G 15H Form Fill Up- Step wise Guideline with Sample Filled Form 2016


Step by Step Guideline to Fill up 15 G form with Sample: Click on Image to Enlarge



You can Download new 15G & 15H forms: Click Here


1. Name of Assessee (Declarant): Write the name as mentioned on PAN card.

2. PAN of the Assessee: Write your PAN number

3. Status: Individual / Hindu Undivided Family (HUF): As applicable in your case.

4. Previous year (P.Y.) (for which declaration is being made): It is one of the important column where people generally confused.Let understand the basic:
Calendar Year: Starts from 1st January & Ends on 31st December - e.g. 01-01-2016 to 31-12-2016
Financial Year (FY): Starts from 1st April & Ends on 31st March e.g 01-04-2016 to 01-03-2017
Assessment year (AY): For FY 2016-17, AY year will be 2017-18

In terms of Income Tax Guideline, Income earned in particular year (e.g in 1-4-2016 to 31-03-2016) will be taxed in next financial year. So, the Financial Year to which income belong is termed as Previous Year i.e The financial year to which the income pertains.

In above mentioned 15G form, Previous Year mentioned as 2016-2017 because income will be earned in this FY (2016-17)for which Mr.Anand Kumar has submitted the 15G form to bank on 02-04-2016.

Bank D.A. set to increase by 23 slabs only from Nov'16 to Jan'17 due to AICPIN decreased for Sep'16

 The All-India CPI-IW for September, 2016 decreased by 1 point and stood at 277 
BANK STAFF DA GOES UP FOR  NEXT QUARTER(NOV’16 TO JAN’17) WITH 23 SLABS  
              All India Consumer Price Index Numbers (AICPIN)for Industrial Workers (Base 2100=100)for the month of September’16,stood at  277    points with a decrease  of  1  point,compared to August’16 figure,as per data published to day by Labour Bureau,Ministry of Labour and Employment.
               Thus the confirmed average index number for the quarter is as follows:

                                   Base 2001=100         Base 1960=100
                                  ____________                        ____________

JULY’16.                         280                            6391.25
AUG’16.                           278                           6345.60
SEPT’16                           277                           6322.77
Average Index : 6353
Increase in slabs 23 (478- old 455)
             As such DA payable to Bank Staff for next quarter (Nov-Jan’17)may have 23 slabs increase from existing  45.50% to 47.80%

 


Sunday, October 30, 2016

What is current account convertibility and its Advantages

What is current account convertibility and its Advantages
Currency convertibility :
Currency convertibility means currency of a country can be freely converted into foreign exchange at market determined rate of exchange ,i.e the rate determined by demand and supply of currency of different countries. In India there are some dealers whose job is facilitating the services of exchanging the currency of one country into another. Mostly these are commercial banks who act as dealers of exchange. Convertibility of currency allows you to go there and convert your Indian rupees into what ever currency you wanted.
Currency convertibility is of two types as follows :
(1)Current account convertibility
(2) Capital account convertibility
Current account convertibility :
Current account convertibility allows free inflows and outflows for all purposes other than for capital purposes.
Capital purpose means dealing the investments in foreign currency and obtaining loans in foreign currency, acquiring any plant and machinery from abroad by making payments in foreign exchange.
These are covered under capital account convertibility which I will discuss in my another post. Current account convertibility allows the exporter and importers to convert the currency into foreign exchange for all the trade related purposes. It allows to convert the currency for foreign studies, medical treatment, and buying any goods and services other than of capital nature
Current account convertibility in Indian economy :
As a part of the economic reforms introduced during and after 1991, Government of India has initiated steps to allow partial convertibility of rupee into foreign currency under liberalised exchange management scheme in which 60 per cent of all receipts on current account could be converted freely into rupees at market determined exchange rate quoted by authorised dealers, whereas the remaining 40% should be surrendered to the Reserve Bank of India at the rates determined by it. Here current account transactions include import and exports of all goods and services.
This 40% of foreign currency was meant for fulfilling the foreign exchange needs of government and to make payments for the Imports of essential commodities by the government. That’s why this was called as Dual exchange rate system.
Later in 1993 full current account convertibility was allowed by the government to provide the full conversion of foreign receipts on current account in to Indian rupees.
Advantages of Current account convertibility:
(1) Facility to send the foreign earnings to India freely :
Current account convertibility allows you to receive and convert the earnings sent by your family members working in abroad without going under a complex procedure as earlier.
(2) Flourish the international trade :
Current account convertibility leads to smoother exchange of foreign exchange into domestic currency and vice versa. This helps in integrating the trade activities among different countries of the world. It enhances the international trade relations between the countries by removing the exchange barriers.
(3) Imports and exports can be done at fair rates determined by the market :
Earlier when there was no free current account convertibility one needs to surrender either some portion of their foreign exchange receipt or should convert it in to Indian rupees at the rates determined by RBI. Usually the rate determined used to be less than the rate determined by the market. Hence current account convertibility allows you to convert your foreign exchange at the rates determined by the market which is more fair than pre determined rates.

Debt Equity Ratio: Meaning, Formula, Importance

Debt Equity Ratio: Meaning, Formula, Importance
Debt – Equity ratio Meaning
The debt-equity ratio is an indication of the relationship between the contribution of the creditors and shareholders /owners in the capital employed in business. It’s one of important financial liquidity ratios among all that are used to assess the performance of a company.
Debt – Equity ratio Formula
DER = Total amount of Debt/Total equity funds
It expresses the extent to which shareholder’s equity can meet a company’s obligations to creditors in the event of liquidation of its operations.
For example if the total amount of liabilities of a company is 15 crore rupees where total equity amount is 10 crore rupees.
DER = 15/10. =1.5 times or 150%
It means for every 1.5 rupees of lenders there is only 1 rupee amount of equity funds to compensate the creditors.
Points to be considered while calculating DER :
1.It’s required to know that there are many ways to find the debt-to-equity ratio So it is important to be clear about the type of debt and equity are being in operation in an entity when using it to analyse the performance.
2. Sometimes amount raised through issue of preferred shares is considered as debt rather than equity while calculating Debt Equity ratio because this amount must be repaid to preference share holders at the maturity of time period mentioned previously at the time of issue.
Importance of Debt – Equity ratio
1.When the Debt Equity ratio of a company is very high then it’s an indication that the company’s operations are going in vain in generating enough funds to meet the fixed financial obligations ie debt.
2.When the Debt Equity ratio of a company is too low that means the company is failed in getting the benefits from financial leverage.
3. When comparing the Debt Equity-ratio of two or more companies ,we should ensure that they are belonging to similar industry because comparison of different companies of different industries can’t depict a more accurate results. For instance Labour intensive industries requires less amount of capital when compared to other. So obviously it has a greater impact on debt equity-ratio of the companies belonging to such industry.
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If you want to be maths expert ++++ please read

 গনিত রাজা হতে চান ? যে কোন শতকরা হিসাব
নিকাশ করে ফেলুন মাত্র এক সেকেন্ডে-
-
1. 30% of 50 = 15 (3×5=15)
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টেকনিকঃ

প্রশ্নে উল্লেখিত সংখ্যা দুটি হল 30 এবং 50।
এখানে উভয় সংখ্যার এককের ঘরের অংক ‘শুন্য’
আছে। যদি উভয় সংখ্যার এককের ঘরের অংক ‘শুন্য’
হয় তাহলে উভয় সংখ্যা থেকে তাদের (শুন্য) বাদ
দিয়ে বাকি যে সংখ্যা পাওয়া যায় তাদেরকে
গুণ করলেই উত্তর বের হয়ে যাবে অর্থাৎ এখানে 3
এবং 5 কে গুণ করলেই উত্তর বের হয়ে যাবে।
-
আরও কিছু দেখুন -
2. 40% of 60 = 24 (4×6=24)
3. 20% of 190 = 38 (2×19=38)
4. 80% of 40 = 32 (8×4=32)
5. ৫০ এর ১০% কত? =৫ (৫×১=৫)
-
-
১. 20% of 18= 3 (2×1.8 = 3.6)
-
টেকনিকঃ

এখানে দুটি সংখ্যার মধ্যে একটির এককের ঘরের
সংখ্যা ‘শুন্য’। তাহলে এখন কি করব? ঐ ‘শুন্য’ টাকে
বাদ দেব আর যে সংখ্যায় ‘শুন্য’ নেই সেই সংখ্যার
এককের ঘরের আগে একটা ‘দশমিক’ বসিয়ে দেব।
বাকী কাজটা আগের মতই।
-
আরও কিছু দেখুন -
২. 25% of 44=11 (2.5×4.4=11)
৩. 245% of 245=600.25 (24.5×24.5=600.25)
৪. ১২৫ এর ২০% কত? = ২৫ (১২.৫×২=২৫)
৫. ১১৫২৫ এর ২৩% কত? =২৬৫০.৭৫ (১১৫২.৫×২.৩)
=২৬৫০.৭৫

কর্মক্ষেত্রে / জীবনে সাফল্য লাভ করতে হলে কি করা প্রয়োজন ?
একবার হলেও পড়ে দেখুন ... হয়তো এমন কিছু জানতে পারবেন যা সম্পর্কে পূর্বে অবগত ছিলেন না ...
আপনাদের ভালো কিছু জানানোই আমার একমাত্র উদ্দেশ্য ...
সাফল্য অর্জনে কী গুণাবলী থাকা উচিত:
▬▬▬▬
সাধারণ জ্ঞান
নিজ বিষয়ে পরিপূর্ণ জ্ঞান
আত্মপ্রত্যয়
বুদ্ধিমত্তা
কাজ করার দক্ষতা
নেতৃত্ব
ভুল থেকে শিক্ষা নেয়ার দক্ষতা
সৃজনশীলতা
আত্মবিশ্বাস
যথাযথ বাচনভঙ্গি
অন্যের ব্যাপারে সংশ্লিষ্ট থাকা
ভাগ্য
উপরোক্ত গুণাবলী যারা অর্জন করেছেন তারাই সাফল্য লাভ করে থাকেন।
এই গুণগুলো জন্মসূত্রে না থাকলেও কাজের মাধ্যমে অর্জন সম্ভব।
নিজেকে জানুন, দেখুন তো আপনার মধ্যে এই গুণসমূহ আছে কিনা:
▬▬▬▬
সহমর্মিতা
হাস্যরস
সৌজন্যবোধ
বিশ্বাস অর্জন- এর দক্ষতা
ক্যারিয়ার পরিকল্পনা- এর জন্য অবশ্যই আপনাকে লক্ষ্য ঠিক করতে হবে। এজন্য যা করবেন:
▬▬▬▬▬▬▬▬
আপনার লক্ষ্যগুলি ঠিক করবেন
লক্ষ্যগুলি কাগজে লিখবেন
লক্ষ্যগুলি সুনির্দিষ্ট হতে হবে
লক্ষ্যগুলি গুরুত্ব অনুযায়ী শ্রেণীবদ্ধ করতে হবে
প্রতিদিন লক্ষ্যগুলি স্মরণ করতে হবে
লক্ষ্য ঠিক করার জন্য S M A R T টেকনিক ব্যবহার করা যেতে পারে। এখানে তার ব্যাখ্যা দেয়া হল:
▬▬▬▬
S = Specific বা সুনির্দিষ্ট
M = Measurable বা পরিমাপযোগ্য
A = Achievable বা অর্জনযোগ্য
R = Realistic বা বাস্তবধর্মী
T = Timeframe বা সময়কাঠামো
সাফল্যের জন্য আরও যা জানতে হবে:
▬▬▬▬
SEE Factors
S = Smile বা হাস্যময়
E = Eye Contact বা মনযোগ
E = Enthusiasm বা উদ্যোগ
আরও ৮ টি নির্দেশনা হল:
▬▬▬▬
ইতিবাচক দৃষ্টিভঙ্গি
ইতিবাচক দৃষ্টিভঙ্গি বজায় রাখা
সময়ানুবর্তী হওয়া
প্রস্তত থাকা
নিজের লক্ষ্য সম্পর্কে সচেতন থাকা
নিয়ন্ত্রণে রাখা
সঠিকভাবে কাজ করা
পরিপূর্ণভাবে কাজ সম্পন্ন করা
ক্যারিয়ার পরিকল্পনা এবং সাফল্যের জন্য আরেকটি গুরুত্বপূর্ণ বিষয় হল সময় ব্যবস্থাপনা। আপনাকে অবশ্যই সময় ব্যবস্থাপনা জানতে হবে। এর জন্য যা করতে হবে:
▬▬▬▬
আপনার প্রতিদিনের কাজগুলো লিপিবদ্ধ করুন
প্রতিটি কাজে এখন আপনি গড়ে কত সময় ব্যয় করছেন তা নিরূপণ/ ঠিক করুন
প্রতিটি কাজে গড়ে কতটুকু সময় প্রয়োজন তা বের করুন
প্রতিটি কাজে গড়ে আপনি কতটুকু সময় অতিরিক্ত ব্যয় করেন তা বের করুন
এখন সিদ্ধান্ত নিন কীভাবে আপনি আপনার সময় ব্যয় করবেন?
সময় ব্যবস্থাপনা আপনার জীবনের মোড় ঘুড়িয়ে দিতে পারে, যদি আপনি সঠিকভাবে তা প্রয়োগ করতে পারেন। প্রতি রাতে ঘুমানোর আগে আগামীকাল আপনার করণীয় কাজগুলি একটি কাগজে লিপিবদ্ধ করুন এবং তারপাশে কোন সময়ে তা করবেন তা লিখুন। আপনার হাতের অতিরিক্ত সময় অন্য কোন প্রয়োজনীয় কাজে ব্যয় করুন।
ক্যারিয়ার পরিকল্পনার জন্য আরেকটি গুরুত্বপূর্ণ বিষয় হচ্ছে কাজের চাপের ব্যবস্থাপনা:
▬▬▬▬
আমাদের দেশে এ বিষয়টিকে খুব কম গুরুত্ব দেয়া হয়। আপনি যদি চাপ কমাতে না পারেন, তবে তা আপনার ক্যারিয়ারের জন্য বাধা হয়ে দাঁড়াবে। আমরা অনেক নেতিবাচক পরিবেশের মধ্যে বড় হচ্ছি, এর ফলে কাজের চাপ ব্যবস্থাপনা আমাদের জন্য খুবই প্রয়োজনীয়। চাপ কমানো ও ব্যবস্থাপনার জন্য আমাদের যা করতে হবে:
নিজের উপর বিশ্বাস রাখা
নেতিবাচক লোকদের এড়িয়ে চলা
সবকিছু সহজে গ্রহণ করা
মাথা ঠান্ডা রাখা
সব সময় ইতিবাচক দৃষ্টিভঙ্গি বজায় রাখা
নেতিবাচক বিষয়কে ইতিবাচকভাবে দেখা
মেডিটেশন অনেক সময় আমাদের চাপ কমাতে পারে, তাই মেডিটেশন করা যেতে পারে। বাংলাদেশে এখন এর ব্যাপক চর্চা হচ্ছে।
উপরোক্ত বিষয়গুলির প্রতি মনোযোগী হলে আপনি সহজেই আপনার ক্যারিয়ার পরিকল্পনা করতে পারবেন। কারণ ক্যারিয়ার পরিকল্পনা এর জন্য আপনাকেই সঠিক সিদ্ধান্ত নিতে হবে। আপনি অন্য কারো কাছ থেকে উপদেশ নিলেও নিজের সিদ্ধান্ত নিজেই নেবেন। কখনো অন্য কারো সিদ্ধান্ত যেন-আপনার ওপর চাপিয়ে না দেয়া হয়।

Customers must be educated on usage of cards’ It is duty of bank


The All India Bank Depositors’ Association has expressed concern at banks aggressively pushing debit cards to customers, including to Pradhan Mantri Jan Dhan Yojana (PMJDY) customers, without properly educating them on their usage.
This comes in the backdrop of the recent serious case of card data compromise coming to light.
Last month, 19 banks in the country received complaints from 641 customers about fraudulent transactions (mainly from China and the US while the customers were in India) totalling ₹1.30 crore.
Ashok Ravat, Honorary Secretary, All India Bank Depositors’ Association, said the cards push, be it ATM cards, credit cards or debit cards, by banks is happening without properly educating customers.
He underscored that “a card involves changing PIN, changing password and so many things. Unless the customer is properly educated regarding digital handling of his money, he should not be allowed to access alternative banking channels. And that should be the responsibility of each bank. They are supposed to do it but they are not doing it.”
For example, a customer receives a message that from his account, say, ₹30,000 has been withdrawn.
Now, the customer should be literate enough to understand the meaning of the message he received from his bank.
Complaint resolution
Ravat explained: “If that is not happening then what will the customer’s reaction be? He will think that the bank has intimated him something. That is all. But then it could be a fraudulent transaction.
“….And now when banking services are available on alternative channels, such as ATMs, internet and mobile phones 24x7, then in case of an emergency, a hassle-free customer complaint resolution mechanism should also be available 24x7.” Currently, banks send transaction alert messages only in English.
The Association Secretary felt that banks should take steps to send the messages in the customer’s language so that he is aware of the transactions taking place in his account.
On the issue of educating customers, Ravat said short videos on TV and other mass media should be brought out by organisations such as the Indian Banks’ Association in order to create more awareness about transacting via alternative banking channels. Money from the Reserve Bank of India’s depositor education and awareness fund could be used towards this end.
Under the PMJDY, which was launched in August 2014 to ensure access to various financial services — including basic savings bank account, need-based credit, remittances facility, insurance and pension to the weaker sections and low-income groups — about 25 crore new accounts have been opened, with about 19 crore debit cards being issued to customers, as on October 19.
Ravat observed that customer awareness programmes should be specifically aimed at PMJDY customers so that they don’t fall prey to fraudulent transactions.

Saturday, October 29, 2016

Our leaders have sold our future and still continue doing the same. please read the article

Today is historical day or if you ask me, I will call it black day in the history of trade union movement of Banking Industry. Its today a settlement on Pension got signed which sealed the fate of Bank Employees and became a tool for bringing them in a position which is much inferior to others.
I still remember, bank employees were divided on issue of Pension. One group led by AIBEA was demanding Pension as Second benefit in lieu of CPF whereas another group led by NCBE having support of INBEF and NOBW was demanding Pension as third benefit in line with SBI and Allahabad Bank i.e. pension over and above CPF. AIBEA was having support of 45% Bank Employees whereas NCBE was having support of 36% bank Employees. Strike calls were given by both the unions in support of their respective demand. Supremacy of AIBEA was in danger not only because of support of INBEF and NOBW but because of support from a group of employees within AIBEA too. Under these circumstances, AIBEA which is champion of playing games in connivance with management entered into a secret deal. As per deal IBA was managed to implement Pension Settlement retrospectively w.e.f. 01.01.1986. This was well planned game as
(1) It succeeded in diverting the attention of NCBE group because top leaders of NCBE too were retired during this period. They counted the benefits accruing to them by way of commutation and per month pension which was accruing to them without any contribution.
(2) Large portion of NCBE was comprised of employees from SBI to whom Pension as third benefit was already available so they were reluctant to go on strike and loose their wages.
Thus, AIBEA exploited the situation to its political advantage of maintaining supremacy and a settlement got signed on 29.10.1993. What Bank Employees lost due to selfish interest of leaders of that time?
(1) In return of implementing Pension with
retrospective effect i.e. 01.01.1986, IBA made leaders agree to link pension with profit.
(2) A clause was purposely inserted in the Settlement that participation in Strike will result in forfeiture of Pension.
(3) IBA succeeded in dividing the bank employees in three groups-(1) Employees of SBI and Allahabad Bank to whom Pension was available as third benefit (2) Employees who will opt for Pension as per settlement dated 29.10.1993 and (3) Employees who would refrain from joining the Pension Fund because of higher interest on PF.
Above settlement was condemned by NCBE, INBEF and NOBW. They circulated charts showing amount employees would get if they don't opt for Pension to prove that employees will get such a huge amount of CPF that if deposited with bank will earn more per month interest than per month pension. They also condemned insertion of Strike Clause. Because of this majority of the employees did not opt for Pension.
Now what happened thereafter? In each successive settlement IBA provided figures to show shortage in Pension Fund and made Unions agree to contribute shortfall. Such shortfall was made good from contribution from both i.e. those who had opted for pension as well as those who were not. This hidden truth became known to bank employees only when two employees from Central Bank of India filed writ before Jabalpur Bench of M. P. High Court challenging contribution in Pension Fund by those to whom benefits of Pension was not available.
History reveals that because of historical mistake of linking Pension to profit due to selfish attitude, a large portion of profits were transferred to Pension Fund thereby reducing the Fund availability for wage revision. This is perhaps the main reason behind poor growth of salary of bank employees.
Leaders committed another sin on 27.04.2010 when they agreed to keep employees joining bank on or after 01.04.2010 from the benefits of Pension Fund. Thus leaders made settlement in respect of those employees too who had not yet joined the banks and were not their members. Not only this, they agreed to contribute Rs.1800/ Crore from those who will opt Pension on account of second option.
Let young bank employees know the truth behind present pathetic condition of bank employees. Its high time that these bank employees must strive to amend the mistake committed by selfish leaders on 29th October 1993. They must demand :
(1) Uniform and equal Pension to all with a view to abolish groups and bring back the unity of Bank Employees.
(2) Delinking of Pension from profits and making payment of Pension in line with Central Government Employees i.e. through budgetary provision.
(3) Up Gradation and Revision of Pension in line with Central Govt. and other Public Sector Undertakings.
(4) Payment of Pension through Government Treasury.
Will our young bank employees think about it with support from senior retired employees who have also been cheated ?

Written by Kamalesh chaturbedi

Benami transactions, which also provides for up to 7 years imprisonment will effect from NOV 1 2016

The new law to prohibit benami transactions, which also provides for up to 7 years imprisonment and fine for those indulging in such activities, will come into effect from November 1.

With a view to curb the menace of black money, Parliament in August had passed the Benami Transactions (Prohibition) Act, after assurance from Finance Minister Arun Jaitley that genuine religious trusts will be kept out of the purview of the legislation.

"The rules and all the provisions of the Benami Transactions (Prohibition) Act shall come into force on November 1, 2016. After coming into effect, the existing Benami Transactions (Prohibition) Act, 1988, shall be renamed as the Prohibition of Benami Property Transactions Act, 1988," a CBDT statement said. 

While the existing law provides for up to three years of imprisonment or fine or both for carrying out benami transactions, the amended legislation would provide for seven years imprisonment and fine.

The Act defines benami transactions, prohibits them and further provides that any violation is punishable with imprisonment and fine. The PBPT Act prohibits recovery of the property held benami from benamidar by the real owner.

"Properties held benami are liable for confiscation by the government without payment of compensation," it said.

An appellate mechanism has been provided under the Act in the form of Adjudicating Authority and Appellate Tribunal.

A Joint or Additional Commissioner of I-T, an Assistant or Deputy Commissioner and a Tax Recovery Officer in each Principal CCIT Region have been notified to perform the functions and exercise the powers of the Approving Authority, Initiating Officer and Administrator, respectively under the Act, the statement said.

While the 1988 Act has nine sections, the amended law would have 71 sections.

"There is Section 58 under the law which clearly states that in case of charitable or religious organisation properties, the government has power to exempt those," Jaitley had said responding to concerns of some Parliament members about the applicability of the amended law on properties in the name of holy books and deities.

"If there is a genuine property which belongs to a church or a mosque or a gurdwara or a temple, section 58 says that the government has the power to exempt it," he had said.

Friday, October 28, 2016

11th BPS will be settled timely only if our almighty retired leaders leave the post willingly

Govt want timely settlement of 11th BPS but our almighty leader mainly retired leader are sleeping. What our union want no information from them to general members. Then why general member support this  retired handicapped leader. 
Our union has not enough time  to pay for settlement god knows what our leader thinking. All our retired top most leader are very busy to participate in state level conference because their everything is free available it is one type of free entertainment. First time in banking history ministry of finance already sent three letter for timely settlement of 11 th BPS. . But after the 1st letter  big union AIBEA  just formed a sub committee for wage reversion. Wonderful netaji you have takes 10 month just for formation a sub committee. All are you funny.

We want negotiation with existing bank employee not by retired leader. Please time has come to raised the voice  retired hatao bank bachao.

11th BPS will be settled timely only if our almighty retired leaders leave the post willingly. I once again request to retired leader please leave the post. 



Govt wants timely settlement of 11th BPS but our Netas are sleeping---Govt sent reminder again on 21.10.2016




Govt want timely settlement of 11th BPS but our almighty leader mainly retired leader are sleeping. What our union want no information from them to general members. Then why general member support this  retired handicapped leader. 
Our union has not enough time  to pay for settlement god knows what our leader thinking. All our retired top most leader are very busy to participate in state level conference because their everything is free available it is one type of free entertainment. First time in banking history ministry of finance already sent three letter for timely settlement of 11 th BPS. . But after the 1st letter  big union AIBEA  just formed a sub committee for wage reversion. Wonderful netaji you have takes 10 month just for formation a sub committee. All are you funny.

We want negotiation with existing bank employee not by retired leader. Please time has come to raised the voice  retired hatao bank bachao.

Govt wants timely settlement of 11th BPS but our Netas are sleeping---Govt sent reminder again on 21.10.2016




Govt want timely settlement of 11th BPS but our almighty leader mainly retired leader are sleeping. What our union want no information from them to general members. Then why general member support this  retired handicapped leader. 
Our union has not enough time  to pay for settlement god knows what our leader thinking. All our retired top most leader are very busy to participate in state level conference because their everything is free available it is one type of free entertainment. First time in banking history ministry of finance already sent three letter for timely settlement of 11 th BPS. . But after the 1st letter  big union AIBEA  just formed a sub committee for wage reversion. Wonderful netaji you have takes 10 month just for formation a sub committee. All are you funny.

We want negotiation with existing bank employee not by retired leader. Please time has come to raised the voice  retired hatao bank bachao.

Thursday, October 27, 2016

Requesting FM to abolish tax on interest earned on FDs.



Sir,I am working as scientist in DRDO,Hyderabad.
I request you to go through following post.
As per current personal income tax policy, Govt is collecting tax on interest earned on FDs. At anytime, interest on FDs is less compared with the then existing inflation rate.
Middle class people save balance money after paying tax, after their expenses , for their future financial protection. They also limit their expenses for this purpose.
Govt is taking some of interest by tax and thus taking away part of their planned financial protection.
. As far as I know , interests earned on all types of deposits except (EPF,GPF,PPF ) are taxable. Somebody may correct me. Even a if a person is in 10% tax slab, he looses 10% of interest earned on deposits.
We are crying, if interests are reduced by 0.5% to 1% or 2%. But 10% to 30% of that interest earned is taken by Govt in the form of tax.
I request everybody to sign this petition requesting FM to abolish tax on interest earned on FDs.
Here is link.
https://www.change.org/p/finance-minister-requested-to-abol…
If you get any error in signing, you register yourself in change.org and then sign.
If you agree to and like this post, l request you to sign,share and increase number of signatures. This request is because, liking alone will not meet objective.
.
Thanks!
Sitaramarao,Hyderabad

Wednesday, October 26, 2016

IDBI Bank today posted a 53 per cent decline in net profit

State-owned IDBI Bank today posted a 53 per cent decline in net profit to Rs 55.52 crore for the second quarter ended September 30, 2016 as provision for bad loans increased.
The bank reported a net profit of Rs 119.5 crore during the same period last fiscal.
Total income of the bank increased to Rs 8,387.20 crore during the quarter, as against Rs 7,913.64 crore in the year-ago period, IDBI Bank said in a statement.
During the quarter, gross non-performing assets (NPAs) nearly doubled to 13.05 per cent as against 6.92 per cent in the same period of the previous fiscal.
Net NPAs too moved up significantly to 8.32 per cent from 3.16 per cent in the year-ago period.
As a result, provisions for bad loans surged to Rs 920.48 crore from Rs 666.03 crore a year ago.
For the half year ended September, the bank's profit, however, rose by 17 per cent to Rs 296.62 crore as compared to Rs 254.68 crore in the same period of 2015-16 fiscal.
Total income also improved to Rs 16,606.63 crore as against Rs 15,817.01 crore in the corresponding period of last fiscal.

Kotak Mahindra Bank today reported a 27.65 per cent rise in net profit at Rs 1,202.40 crore for the September quarter, on a healthy increase in net interest margins.
The city-based private sector lender, which merged with the South-focussed ING Vysya Bank last year to become the fourth largest private sector bank, had reported a consolidated net profit of Rs 941.89 crore for the corresponding period a year ago.
On a standalone basis, net profit grew 43 per cent to Rs 813 crore in the reporting quarter.
Joint managing director Dipak Gupta attributed the healthy rise in profit to an expansion in net interest margin to 4.47 per cent from 4.30 per cent in the year-ago period.
He said the drop in the cost of funds was faster than the yield on advances, which helped expand the margins.
However, he observed that the scope for further increase is limited, saying the bank has reached the peak which it used to clock during the pre-merger days.
The core net interest income increased 19 per cent to Rs 1,995 crore, while non-interest income moved up to Rs 831 crore from Rs 615.73 crore in the year-ago period.
Total advances grew 13 per cent to over Rs 1.26 lakh crore, which included a 15 per cent growth in corporate lending and 20 per cent in consumer lending, but commercial lending was flat, Mr Gupta said.
Another factor that helped the bottom line was the improvement in the cost-to-income ratio to 49.7 per cent, in line with the guidance of bringing it under 50 per cent, he said.
An improvement in the proportion of the low-cost current and saving account deposits to 39 per cent also helped expand the margins.
On the asset quality front, gross non-performing assets (NPAs) ratio moved up 2.49 per cent from 2.35 per cent in the year-ago period, which resulted in a jump in the overall provisions to Rs 197 crore.

Public sector lender Syndicate Bank today reported 75.3 per cent decline in net profit and pvt lender axis bank also 83% down

Public sector lender Syndicate Bank today reported 75.3 per cent decline in net profit at Rs 82.4 crore for the second quarter ended September 30, as provision for bad loans almost doubled.
The bank's net profit in the July-September quarter of the previous fiscal stood at Rs 332.37 crore.
Total income also declined to Rs 6,574.93 crore during the second quarter from Rs 6,670.19 crore earned in the year-ago period, the bank said in a regulatory filing on stock exchanges.
The bank's asset quality slipped with gross non-performing assets (NPAs) or bad loans more than doubled to 7.72 per cent of gross advances during the reported quarter, from 3.72 per cent a year ago.
Net NPAs also increased to 5.03 per cent of net advances as against 2.37 per cent in the same quarter last year.
As a result, provisions and contingencies rose to Rs 864.14 crore during the period from Rs 440.29 crore a year ago.


Private sector Axis Bank today reported 83 per cent plunge in net profit for the July-September quarter at Rs 319 crore mainly due to higher provisioning for bad loans.
The bank had posted a net profit of Rs 1,915.64 crore for the July-September period of FY2015-16.
Axis Bank in a regulatory filing said that net profit in the first half of the current fiscal declined by 52 per cent to Rs 1,875 crore.
"The Bank has posted a net profit of Rs 3,190.80 million for the quarter ended September 30, 2016 as compared to Rs 19,156.40 million for the quarter ended September 30, 2015," the filing said.
Total Income increased to Rs 13,698.7 crore in the period under review from Rs 12,001 crore for the quarter ended September 30, 2015.
The Bank said its Gross NPAs and Net NPAs rose to 4.17 per cent and 2.02 per cent respectively in the second quarter of 2016-17 fiscal.
"As on September 30, 2016, loans outstanding on the Bank's Watch List reduced 32 per cent over the previous quarter and stood at Rs 13,789 crore.
"The reduction in the Watch List primarily represents slippages to NPAs amounting to Rs 7,288 crore, which comprises 89 per cent of the total corporate credit slippages," Axis Bank said.

PSU Canara bank profit down 30% in half yearly where as PVT lender HDFC profit up 20%

Pulled down by provisioning for rising bad loans, Canara Bank today reported 32.5 per cent drop in net profit to Rs 356.9 crore for the second quarter ended September 30 of the current financial year.
The public sector bank had earned a net profit of Rs 528.8 crore in the same quarter previous fiscal.
Total income also declined to Rs 12,187.1 crore during the quarter from Rs 12,477.9 crore earned in the year-ago period, Canara Bank said in a regulatory filing on stock exchanges.
The bank's asset quality slipped with gross non-performing assets (NPAs) or bad loans more than doubled to 9.81 per cent of gross advances during the reported quarter, from 4.27 per cent a year ago.
Net NPAs also increased to 6.69 per cent of net advances as against 2.9 per cent in the same quarter last year.
As a result, provisions and contingencies rose to Rs 1,585.37 crore during the period from Rs 1,212.31 crore a year ago. Out of the total, provisioning for bad loans rose to 1,558.37 during the quarter as compared to Rs 979.17 crore in the same period a year ago.

HDFC Bank Q2 net profit up 20% at Rs. 3,455 cr

Private sector HDFC Bank today reported 20.4 per cent jump in net profit at Rs.3,455.3 crore for the quarter ended September 30.
The bank had earned Rs. 2,869.5 crore profit in the same quarter of the last financial year.
The banks total income for the July—September quarter of the current fiscal was Rs. 19,970.9 crore, up from Rs. 17,324.3 crore in the year—ago period.
NPAs up
Gross non—performing assets (NPAs) rose to 1.02 per cent of gross advances from 0.9 per cent a year ago. The net NPAs also increased to 0.3 per cent from 0.2 per cent.
As a result, provisions and contingencies for the quarter increased to Rs. 749 crore consisting of specific loan loss provisions Rs. 640.7 crore and general and other provisions Rs. 108.3 crore as against Rs. 681.3 crore in the same quarter a year ago.
Net interest income (interest earned less interest expended) for the quarter grew by 19.6 per cent to Rs.7,993.6 crore driven by average assets growth of 19.7 per cent and a net interest margin for the quarter of 4.2 per cent, HDFC Bank said in a statement.
The bank’s total capital adequacy ratio (CAR) as per Basel III guidelines, was at 15.4 per cent as against 15.5 per cent at the end of second quarter of the previous fiscal.
Half-year results
For the half year ended September, the bank’s profit rose by 20.3 per cent to Rs. 6,694.2 crore as compared to Rs. 5,565.1 crore in the same period of 2015—16 fiscal.
Total income of also improved to Rs. 39,293.5 crore as against Rs. 33,827.3 crore in the corresponding period of last fiscal.
HDFC Bank shares were trading down by 0.67 per cent or Rs. 8.50 at Rs. 1,256.90 on the BSE at about 1.30 pm.

Tuesday, October 25, 2016

HDFC Bank Q2 net profit up 20% at Rs. 3,455 cr

Private sector HDFC Bank today reported 20.4 per cent jump in net profit at Rs.3,455.3 crore for the quarter ended September 30.
The bank had earned Rs. 2,869.5 crore profit in the same quarter of the last financial year.
The banks total income for the July—September quarter of the current fiscal was Rs. 19,970.9 crore, up from Rs. 17,324.3 crore in the year—ago period.
NPAs up
Gross non—performing assets (NPAs) rose to 1.02 per cent of gross advances from 0.9 per cent a year ago. The net NPAs also increased to 0.3 per cent from 0.2 per cent.
As a result, provisions and contingencies for the quarter increased to Rs. 749 crore consisting of specific loan loss provisions Rs. 640.7 crore and general and other provisions Rs. 108.3 crore as against Rs. 681.3 crore in the same quarter a year ago.
Net interest income (interest earned less interest expended) for the quarter grew by 19.6 per cent to Rs.7,993.6 crore driven by average assets growth of 19.7 per cent and a net interest margin for the quarter of 4.2 per cent, HDFC Bank said in a statement.
The bank’s total capital adequacy ratio (CAR) as per Basel III guidelines, was at 15.4 per cent as against 15.5 per cent at the end of second quarter of the previous fiscal.
Half-year results
For the half year ended September, the bank’s profit rose by 20.3 per cent to Rs. 6,694.2 crore as compared to Rs. 5,565.1 crore in the same period of 2015—16 fiscal.
Total income of also improved to Rs. 39,293.5 crore as against Rs. 33,827.3 crore in the corresponding period of last fiscal.
HDFC Bank shares were trading down by 0.67 per cent or Rs. 8.50 at Rs. 1,256.90 on the BSE at about 1.30 pm.

Rs.50 Lakh Stolen from Axis Bank Cash Van in Kerala

n a daring incident that took place in Uppala, Kasaragod, Kerala on Wednesday, ₹50 lakh was stolen from a van while it was transporting cash...

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