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K K NAIR SANJEEV K. BANDLISH
CIRCULAR No. UFBU/2018/01 Date : 09.02.2018
TO ALL CONSTITUENT UNIONS/MEMBERS
• UFBU MEETING HELD ON 6TH FEBRUARY 2018
• UFBU DECIDES ALL INDIA STRIKE ON 15TH MARCH 2018
• IBA INVITES UFBU FOR NEGOTIATIONS ON 21ST FEBRUARY 2018
In the background of virtual silence on the part of IBA to hold negotiations with UFBU on our current demands for revision of wages and service conditions, a meeting of UFBU was held at Mumbai on the 6th February
Delay in wage revision: The meeting was concerned to note that for the past three months, IBA has not held any meeting with us on our demands for wage revision despite assuring us in the meeting held in October, 2017 that shortly another meeting would be held when the IBA would make their offer. So far, there has been no response. Department of Financial Services of Government of India has also been communicating to all the Banks and IBA to conclude the settlement without delay. Even this has been ignored. Regrettably, when we took up the matter with the Government to intervene to expedite the settlement, there was no response. Hence, it was decided after due deliberations that agitational programmes including strike actions have to be resorted to.
Strike call: Accordingly, it was decided to give the call for All India Strike on the 15th March 2018 preceded by other protest programmes like deputation to Chairperson IBA, demonstrations, mass rallies, Badge wearing, Dharna, etc.
IBA invites UFBU for Talks: After our taking the decision on the 6th February 2018, we have been informed by the IBA vide their letter dated the 7th February 2018 that the next round of negotiations on our demands for wage revision has been fixed for the 21st February 2018.
In view of this, we shall take part in the negotiations on 21.02.2018 to impress upon the IBA to expedite the settlement. Looking to their response in the meeting on 21st February 2018, UFBU will meet immediately thereafter and take the decision about our agitational programme and strike call.
Continued attacks on Banking Sector – Mass Signature Campaign : Further to our successful protest strike on 22.08.2017 and the massive Morcha to Parliament on 15.09.2017, it was decided to undertake mass signature campaign in the Petition to Speaker of Lok Sabha to seek the support of the people to our demands. Already the draft Mass Petition has been circulated to units. The meeting observed that the units are in the process of collecting signatures from the general public and the response is encouraging.
It was decided to complete the campaign by the end of March 2018 so that the Mass Petitions can be handed over to the Speaker of Lok Sabha in the first week of April, 2018 before the conclusion of the current Budget Session.
Ref:2018/016 Date : 10.02.2018
The Office Bearers / Central Committee Members/A.I.B.R.F,
Re: TAX EXEMPTIONS/ CONCESSIONS TO SENIOR CITIZENS
IN UNION BUDGET 2018-2019
Finance Minister has announced some significant concessions/ exemptions to the senior citizens while presenting union budget for 2018-2019. The following are worth noting.
(1) INTEREST INCOME FROM BANKS: Exemption of interest income on deposits with banks and post offices to be increased from Rs. 10,000 to Rs. 50,000.
(2) TDS EXEMPTION: TDS not required to be deducted under section 194A. Benefit also available for interest from all fixed deposit schemes and recurring deposit schemes. (Section 194A: For quick and efficient collection of taxes, the Income tax Law has incorporated system of deduction of tax at the point of generation of income. This system is called “Tax Deducted at Source” normally known as TDS. Under this system, tax is deducted at the point of origination of income. Tax is deducted by the payer and the same is directly remitted to the Government by the payer on behalf of the payee.) In other words, starting from 01.04.2018, no TDS will be deducted from interest income by banks in case of senior citizens.
(3) Hike in deduction limit for health insurance premium and/ or medical expenditure from Rs. 30,000 to Rs. 50,000 under section 80D.
(4) Increase in deduction limit for medical expenditure for certain critical illness from Rs. 60,000 (in case of senior citizens) and from Rs. 80,000 (in case of very senior citizens) to Rs. 1 lakh for all senior citizens, under section 80DDB.
(5) Proposed to extend Pradhan Mantri Vaya Vandana Yojana up to March, 2020. Current investment limit proposed to be increased to Rs. 15 lakh from the existing limit of Rs. 7.5 lakh per senior citizen.
(6) Standard deduction of Rs 40,000 for pensioners
2. As advised you earlier, while writing on FRDI issue to FM vide our letter dated 18.12.2017 AIBRF had given suggestion to increase exemption limit on interest income from existing Rs. 10000 to Rs. 50000 to senior citizens to provide much needed relief to this group. We are indeed happy that our suggestion has been favorably considered by the FM.
3. The above concessions / exemptions will reduce tax liability of senior citizen (including bank retirees) from Rs. 9000 to Rs. 27000 p.a. and per family Rs. 18000 to Rs. 54000 p.a. if spouse is also tax payer. We welcome these announcements and convey our thanks to the Finance Minister for this positive gesture towards senior citizens.
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