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Wednesday, February 14, 2018

Important News For Bankers



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CIRCULAR No. UFBU/2018/01                          Date : 09.02.2018


Dear Comrades,


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. 

With greetings,
                                                                      Yours comradely,

                                                                                                                          Ref:2018/016                                                                         Date : 10.02.2018
    The Office Bearers / Central Committee Members/A.I.B.R.F,

    Dear Comrades,
                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. 

                                                                                             Ref:2018/017                                                      Date : 10.02.2018


    The Office Bearers/ Central Committee Members/State Body Chiefs

    Dear Comrades,
                    Re; JUDGEMENT
    We refer to invite your attention on our last circular no. 138 dated 22.01.2018 advising that  Judgement in the above matter is still awaited.

2. We find that despite our periodical communication advising correct and official status in the matter to keep our cadre updated , some individuals deliberately or unknowingly, possibly in the anxiety to demonstrate  their superiority  and to prove that they have better access to the subject and superior analytical capacity as one up man-ship game , they keep on circulating unauthenticated  information on this case periodically in social media which simply, according to us  creates more confusion among membership/ retirees. It is also unfortunate that some of office bearers/ central committee members/ activists of AIBRF also keep on forwarding such messages to members without taking precaution to verify authenticity and correctness of the information. We request our cadre to introspect that whether their such action is really  serving the retirees’ cause. We appeal to our entire cadre to completely ignore such unauthenticated information being circulated by some individuals who continue to do despite being proved wrong time and again, for the reasons best known to them. 

3. To update the membership, we below give present official status of the case:

(a) Judgement is still reserved and date of pronouncement of the judgement is yet to be decided and declared.

(b) We are in regular touch with our Advocate on Record, Shri A.K Sinha, Senior Councils, Shri V.K.Bali and Shrit Jitendra Sharma about our case and who have advised that some time pronouncement of judgement takes longer than expected time due to heavy workload on judges and complexity of the issues involved. They have expressed the opinion that even if there is further delay of one or two months in the judgement, we should feel extremely happy that AIBRF intervention application will be disposed off in record time of less than one year against normal period 3 to 4  years taken in Supreme Court for final disposal.  

(c) They have also clarified that new roster system introduced in Supreme Court w.e.f. 05.02.2018 is applicable to new cases and

the judgments in  cases where arguments are already heard and  concluded  will be delivered by the existing benches. On this count also all sorts of  rumours are being spread by some individuals.

(d) It may not be out of place to mention to refresh memories of membership that this is  unique and rare matter before the bench. As you all know, First , they had to recall 6 earlier dismissed  SLPs for reconsideration and for  fresh hearing. Secondly, it should not be forgotten that  the two high courts had delivered contradictory decisions in this case. While Kolkata high court decided in favour of retirees, Madras high court decision was against the retirees. It is professional skill and competence of AIBRF advocates that the case could be brought to the present position in Supreme Court creating new hopes among retiree community. You will appreciate that case is complexed  one and final judgement will have to deal with the issues raised in two contradictory judgements of high courts with speaking order.  
(e) It may also  be mentioned that AIBRF is gearing up to effectively handle post- judgement situation to protect interest of retirees.
4. In view of the above, it is our humble request to our cadre to show faith in the  organisation and our advocates who have handled the case with the highest professional competence and adopt matured approach instead getting mislead by baseless rumours being spread by individuals . Such individuals cannot be friends of retirees.  

 With Warm Regards

(Registered under Trade Union Act, 1926 : Registration No.G-6201)
(Affiliated to All India Bank Retirees' Federation
through All India Union Bank Retirees' Federation)
403, Sadhana Down Town, Near Punjab National Bank,
Jubilee Chowk, Rajkot - 360 001 (Gujarat). 
 Phone: 0-94272-07021

Date: 13th February,'18

All the regular recipients of our Association's e-mails,


Associate Bank VRS 5 years case & 1616 - 1684 CPI - Supreme
Court decided the matter to-day in favor of the Pensioners
retired prior to November, 2002

    I forward here under the e-mail received from Shri C.N.Prasad, General Secretary, State Bank of Mysore Pensioners' Commune, Bangalore.

    Few minutes prior to receipt of this e-mail, Shri V.T.Makwana, Principal Office Bearer, All India Bank of Baroda Retired Officers' Federation, stationed at Baroda (in Gujarat) also gave me the same news that the Supreme Court has given the verdict in this matter immediately on conclusion of the final hearing to-day, according to which the Banks are directed to pay the difference of pension with 9% simple interest.

    Ofcourse, it is apprehended by me that, as it usually happens, the Banks will spend / waste more legal fees for filing Review Petition. And if lost there, IBA will try to part with the benefits initially to the petitioners only. Therefore, let us wait and watch how the matter developes further. 

Please Note: Shri Prasad's e-mails contains two news. The matter pertaining to 5 years' qualifying service is applicable to the Pensioners of State Bank of Mysore only, as they were deprived of the benefit up-till-now. Other Banks' pensioners have already got this benefit earlier. The matter of 100% DA matter pertains to all the Banks' pensioners retired prior to November, 2002.

Yours sincerely,


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