Page 29 - Banking Finance May 2022

ARTICLE

Here are list of the things that people have done bank. Here there is great opportunity for banking industry.
with Time banking: In general due to decreasing margin in loan Banks are vying
for non interest income. The work of Time bank is new
Y Strengthened the sense of community.
concept in our country. If we provide the same type of
Y Improved learning at school. service and we will charge for that service in lieu of card
Y Reduced the number of droppings from school. then it will be boon for banking industry.
Y Helped public to save money by using public house.
Through this Time bank concept normal Bank can increase
Y Supported hospital patients as they return to regular their balance sheet by adding more revenue from this
life at home. concept. Of late, the Government of India started door to
Y Brought art and music into a community. door service for the customers of the bank.

Y Helped seniors remain at home.
The purpose is to give facility to senior citizens of India. The
work of Time bank is related to the service of senior citizen.
Scope: Keeping in view the EASE reforms of Government of India it
A subcommittee within the National Human Rights is expected that very soon the concept of Time bank will be
Commission (NHRC) has also recommended that India should one pillar. As we aware that EASE ranking is Public sector
test a pilot project under Ministry of Social Justice and banks ranking.
Empowerment. The true value of any noble intentions or
concept lies in its implementation. In our country we are The bank who will take a lead will be benefitted. It is
astonishing that till time our Indian banks are not
adding 4.5 million senior citizens to its population every year.
implementing this concept. In general any new concept
The rapid nuclearization of families, improved education,
where there is scope of earning income is implemented by
longer life expectancy and good job opportunities are
all institutions.
extending scope of Time Bank. The COVID -19 pandemic
once again proved this dependency factor of our country.
The concept of Time Bank will not only enhance the income
Besides the maintenance and welfare of parents and senior
but at some extent will solve the unemployment rate. The
citizens amendment bill 2019 which is big step for concept of Time Bank is new in our country but opportunities
strengthening this concept. are many more. It may be the chance that this concept of
Time bank will be one part of the normal banking. Any way
Way forward: implementation of this concept either may be in form of Bank

The scope of time Bank is not similar as the scope of normal or as part of the bank will serve our purpose. R

Voluntarily getting income re-assessed without cess, surcharge

waiver not to attract penalty: FM

Finance Minister Nirmala Sitharaman said the retrospective amendments relating to claiming deduction for cess
and surcharge is aimed at preventing misuse of the provision, especially by those who have treated it as exemptions
or business expenditures. The Finance Bill had proposed retrospective disallowance of deduction for surcharge or
cess with effect from Assessment Year 2005-06.
As per the amendment passed by the Lok Sabha, any such deduction claimed would be treated as "under reported
income" and will be subject to 50 per cent penalty.
Replying to the debate on Finance Bill in the Lok Sabha, Sitharaman said surcharge and cess on tax have been over
the years "misused" and people have treated it as their exemptions or business expenditures.

"That has become a very, very confusing point on which people have gone to courts also. So that amendment with
an retrospective effect has been brought for more clarity," she said.

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