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Business Economy


Interest on FDs should be exempted from purview of IT in budget : AIBEA urges Sitharaman

Interest on FDs should be exempted from purview of IT in budget : AIBEA urges Sitharaman

Hyderabad, Jun 13 (UNI) All India Bank Employees' Association (AIBEA) on Thursday urged Finance Minister Nirmala Sitharaman to exempt interest on Fixed Deposits (FDs) from purview of Income Tax in the budget to be presented in Parliament on July 5.

In a letter to Ms Sitharaman, AIBEA General Secretary Ch Venkatachalam, while giving suggestions and proposals from Banking Sector to the Minister said, Right to Banking should be made a fundamental right and the rate of interest on Savings Bank Deposits needs to be revised upwardly by atleast 2 basis points.

He said the Banks should extend agriculture loan at the rate of 2% per annum (simple). The Banks should extend education loan at concessional rate of interest to the poorer sections of the people, at the rate of 5% per annum (simple) with interest subvention.

Mr Venkatachalam said ll Private Sector Banks should be brought under the Public Sector. The Government should hold full control of public sector banks with 100% equity holding and shall not disinvest its shareholding.

Willful default of bank loans should be declared as a criminal offence through suitable amendment to law, Non-Performing Assets of the Banks have risen phenomenally and hence, the Government should institute more Debt Recovery Tribunals and Fast Track Courts to recover the bad loans, he added.

The AIBeA General Secretary said the Reserve Bank of India should publish the list of defaulters, who owe to the banks more than Rs.1 crore. This defaulters list should be published every six months with updates.

Section 45 of the RBI Act to be suitably amended to provide powers to RBI to publish the name of any defaulter in public interest, he said, adding Bank loan defaulters should be prohibited from contesting in any of the elections to local body, Legislative Assembly, Parliament or to hold any public office of profit. Such of those persons, who hold any such position at present should be made to relinquish their positions, Mr Venkatachalam said.

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Honor 20i, priced at Rs 14,999, on Flipkart from Tuesday

Honor 20i, priced at Rs 14,999, on Flipkart from Tuesday

17 Jun 2019 | 6:14 PM

New Delhi, Jun 17 (UNI) Honor, a global leading smartphone e-brand has announced the availability of its recently launched smartphones, Honor 20i and Honor 20.

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5 Paisa com launches brokerage plan for Options trading

5 Paisa com launches brokerage plan for Options trading

17 Jun 2019 | 6:09 PM

New Delhi, Jun 17 (UNI) Discount broker 5Paisa.com on Monday announced the launch of Options – X, brokerage plan for Options Trading, which allows customers to effectively capitalise on market opportunities with higher exposure.

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Rupee down by 10 paise against USD

Rupee down by 10 paise against USD

17 Jun 2019 | 6:07 PM

Mumbai, Jun 17 (UNI) The Rupee on Monday slipped by ten paise to 69.90 against the US Dollar, on rising demand for US Dollars by bankers and importers, dealer at Forex Market informed.

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Kottayam-Kochi Rubber Market Rates

17 Jun 2019 | 5:51 PM

Kottayam, Jun 17 (UNI) Following were the Rubber Market rates
announced by the Rubber Board here today per quintal.

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17 Jun 2019 | 5:43 PM

The sectoral indices led by Metal, Materials, Energy, Finance,
Health Care, Industrials, Telecom and Utilities slipped by up to
3.

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