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Our Bureau

Coimbatore, Feb. 14

About 2,500 cooperative bank employees from across the country are expected to stage a dharna at Jantar Mantar in New Delhi on February 19 to press their demand for repealing Section 80 P of the Income-Tax Act, more refinance from Nabard for agrarian credit, constitution of an expert committee for urban cooperative banks and extension of grant to recoup the loss incurred by the agriculture and rural development banks.

The decision to stage the dharna is in response to the call given by the All India Co-Operative Bank Employees Federation (AICBEF), an affiliated unit of the All-India Bank Employees Association. The AICBEF General Secretary, Mr P. Balakrishnan, said the Union Government had in the last Budget amended Section 80 P of the I-T Act and brought the profits of the cooperative banks under the tax net. `This must be repealed to enable the profit earning banks in the cooperative sector enjoy tax-free positions'.

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