NAFCUB President Mr Mukund Abhyankar is not happy with the union budget presented by the Finance Minister Arun Jaitly on Saturday in the Parliament. He says it is not at all kind to urban co-operative bank or the Credit sector as 80 P continues despite our umpteen requests.
Abhyankar lamented that NAFCUB which is the umbrella organisation for 1600 urban cooperative banks was not considered by the government. Even the most expected and indirectly hinted increase in DIGC cover of Rs Three lakh for bank deposits fell on deaf ear.
Readers would recall that NAFCUB President has met the state finance Minister Jayant Sinha recently batting for increase in DIGC cover to the tune of Rs three lakh for bank deposits. “It was Modi, the Prime Minister who asked me to meet Sinha in this regard as Jaitley was too busy”, shared Mr Abhyankar to Indian Cooperative earlier.
Abhyankar, however notes that there is only one solace in FM’s speech—and that is UCB members’ interest on bank deposits would attract income tax from current year. This I would take as notices issued to UCBs for past 3 years’ non deduction & its demand with interest & penalty by Income Tax authorities throughout the country is not legal.
NAFCUB will be driven to take legal recourse to cancel this devastating action by Income Tax authorities if MOF didn’t stop through CBDT, this action of taking law into hand by Income Tax authorities, he roared.
“To conclude I can say for UCB sector achech din kab ayenge ; only PM Modi ji knows”, said NAFCUB President sarcastically.
