Page 6 - Banking Finance July 2019

BANK UPDATE

HDFC Bank & Kerala cops launch road-safety initiative
Bombay HC solicits re-
In a joint partnership, HDFC Bank and Thiruvananthapuram Police, has launched
port from JJ Hospital on
a road–safety initiative, ‘Traffic Pathshala’, by
Mehul Choksi's health spreading awareness regarding the do’s and
don’ts of road safety. This initiative is called ‘Traf-
The Bombay High Court has sought
fic Paathshala’.
a confiden-
tial report MK Zulfiqer, Assistant Commissioner of Police,
along with Srikumar Nair, Zonal Head (South
from a
Kerala), HDFC Bank, mark the inauguration of the initiative by flagging-off an
team of
awareness rally by volunteers.
doctors at JJ
Hospital re- “Nearly four lakh people are expected to benefit from the initiative that covers
garding the the major road crossings in the city including the Central Bus Station and Cen-
health con- tral Railway Station,” a bank spokesman said.
dition of diamantaire Mehul Choksi. Several groups of volunteers and HDFC Bank employees will undertake the
awareness rally and it would be held at all important and busy traffic junctions
Mehul Choksi, accused in the multi-
across the city. The volunteers would carry placards having traffic awareness
crore Punjab National Bank scam, is
messages to encourage people to follow road safety rules.
presently in Antigua and has told the
high court that he is unable to travel The bank and police will reward the motorists upon observing traffic discipline
to India due to ill health. with a token of appreciation. However, those found violating it will be enrolled
in the ‘Traffic Paathshala’ and will be informed about the do’s and don’ts of
The bench has directed Choksi's ad-
road safety.
vocate to submit the latest medical
reports of his client's to the team of Srikumar Nair said, “At HDFC Bank, we believe in giving back to the communi-
ties we operate in. With ‘Traffic Paathshala,’ we aim to educate the general
doctors at the JJ Hospital's cardiol-
public in the city on the do’s and don’ts of road safety. We believe that this is
ogy department.
the need of the hour in a city that is witnessing an increasing number of acci-
The team of the doctors has been
dents and casualties.”
directed to submit the sealed report
to the court with its opinion as to Govt to impose tax on cash transaction at banks
whether Choksi can travel or not.
In an aim of curbing black money generation, the Narendra Modi government
On the other hand, Choksi has will introduce new measures.
claimed that he left India to un-
As per the sources, policy-makers have begun
dergo a bypass surgery and not to
talks on the possibility of re-introducing the in-
avoid prosecution. Further, in an
strument of the banking cash transaction tax
affidavit filed in the HC, he said he (BCTT) in order to discourage cash transac-
would return to India depending on tions.
his medical condition.
Further, the tax authorities are also planning to levy the estate tax on inherited
Previously, ED had told court that in property in compliance with global practices.
order to bring Choksi back to India;
“We have received suggestions on taxing cash transactions. The departments
it was ready to provide an air am-
concerned are examining the feasibility and effectiveness of the tax. Such tools
bulance.
are not for revenue generation but to curb black money transactions in the form
A division bench of justices I A of cash,” said a senior government official.
Mahanty and A M Badar is presently
The discussion on the matter is still going on and the matter has been taken up
hearing a petition filed by Choksi
in some of the pre-budget consultation meetings. Sources said there was a pos-
challenging an application filed by
sibility that the modalities of this tax would be different from what had been
the ED.
seen earlier.
6 | 2019 | JULY | BANKING FINANCE