Feature Post

UFBU Calls Off Nationwide Bank Strike on 24th and 25th Mar 2025 After Assurances from Finance Ministry and IBA

I n a significant development on March 21, 2025, the United Forum of Bank Unions (UFBU) has decided to call off their two-day nationwide strike, which was originally planned for March 24 and 25. This decision was made after the UFBU received positive reassurances from both the Finance Ministry and the Indian Banks’ Association (IBA) regarding their key demands. The banking unions, under the umbrella body of UFBU, represent employees from nine major unions across the country, including AIBEA, AIBOC, NCBE, AIBOA, and BEFI. The unions had earlier called for the nationwide strike to protest against several ongoing issues that they believe impact the welfare and job security of bank employees. Key Issues Behind the Proposed Strike The strike was initially called by UFBU to address a range of pressing concerns, some of which have been lingering for years. The union's main demands included: Five-Day Workweek for Bank Employees:  One of the most anticipated demands was the implementation o...
0

Foreign Exchange Management - Brief Description

  • NRI - Non Resident Indian
  • PIO - Person of Indian Origin
  • Objective of FEMA - To facilitate foreign trade and payment system.
  • Condition of stay in India for resident - 182 days in previous year.
  • PIO - Foreigners but sometime who had Indian passport.
  • AD category -I (commercial bank) , II & III.
  • Facilities for Residents - Use or remittance of foreign remittance FC deposits accounts.


Rules for Indian Currency -

Nepal & Bhutan - Use of Foreign Currency and Foreign Currency remittance not allowed .
  • Indian currency for any amount can be used.
  • Above 25000/- highest denomination Rs. 100

Rules for Foreign Currency

  • FC can be purchased 60 days in advance from authorized person only.
  • Application from - A2
  • Purchase by depositing cash - max 50000/-
  • >50000 - Debit card / Credit card Bank Account.
  • Form of FC - Coins, Currency notes and traveler Cheques.
  • Ceiling on Coins & Currency notes - USD 3000
  • Import of FC - No Ceiling subject to declaration on form CDF to mandatory if (1) total amount >10000 or (2) FC notes > USD 5000
  • Unused FC - All coins and other Forex up to 2000 can be retained and above USD 2000 surrender to authorized person within 180 days or deposit in RFC(D) account.
  • Liberalized Remittance Scheme(LRS) - Remittance up to USD 250000 per financial year allowed for current & capital a/c transaction.
  • Current A/C transaction


    • Private visit to country.                        
    • Gift or donation outside country.
    • Going abroad for employment or immigration.
    • Maintenance of close relative abroad.
    • Business Travel
    • Expenses in medical treatment abroad.
    • Studied Abroad.
  • Capital A/C Transactions -
    • Opening of foreign currency account abroad.
    • Purchase of property abroad.
    • Making investment abroad.
    • Setting up wholly owned subsidiaries and joint venture abroad.


  •  No loan for capital a/c transaction by bank but for current a/c transaction loan can be given.

Comments

Post a Comment