Four-and-half non-banking days to cast shadow over trading activities

Four-and-half non-banking days to cast shadow over trading activities

THE four-and-a-half-day bank holidays in the firs! week of October is all sct to cast a shadow over trading and make the life difficult for the general public. The banks will enjoy hot tdays on October 2 (Gandhi Jayanti). October 3 (Dusschra), October 5 (Sunday) and October 6 (Id-ul-Zuha). There will be a half-day working in banks on Saturday i.e. October 4. 2014.

Talking to The Hitavada. B C Bliania. the National President of the Confederation of All India Traders (CAIT) said: Four-and-a-luilf-day bank closure is unfortunate. The modern technology-based on-line business transaction, the mental blockade of traditional holidays in the name of half-year closing still continues.

We are in the peak period of retail business in view of festival season. The agriculture produce is going to he brought in the market by fanners. Under such conditions, if preemptive measures are not taken to keep the banking system alive, the small traders and the public at large will start losing faith in the banking system."

When the RBI was fully aware of such a long holidays, alternate measures should have been made. "If the Government servants can remain present for cleaning offices on October 2. then why banks can't he asked to keep open in the interest of the masses." he wondered.

Kailash Jogani. President of the Nagpur Chamber of Commerce Limited (NCCL) said that actually the banks should not be kept closed for more than two days. The rule should he made under the Negotiable Instruments Act.

"When the banks will remain closed for four-and-a-half days, it will create difficulty for the traders as they will not be able to deposit cash in the banks. "Suppose a trader travelling from Katol 10  u'pur is handling cash of more than Rs 50,000. he will be unnecessarily pulled up by the police as Maharashtra K heading t'ni .VsemhK elections." he said.

He said that under the Income-Tax Act. the cash payment of more than Rs 20.000 is disallowed for claim. If the expenditure is more than Rs 20.000. it should be done through cheque only as per the Act. He said: "No one can imagine to live without electricity and water supply for two days. Likewise, banking also falls under the necessity category." he noted.

Samir Bakre. senior Chartered Accountant, said that the long period of banking holidays would cause a lot of difficulties to the common man. It would cripple the business activities. Some alternate arrangements should have been made for the benefit of the businessmen and the common public.

Making Saturday and Sunday full-day would have helped a lot. Looking at the festive season, the banking operations were direly needed. With the focus of the Government on enhancing and expanding the economic activities, such a long spell of non-banking days, should have been kept at bay.

"The system can be introduced to make the leave optional and not on a mass scale." Bakre felt

Nishchay Shelke. President of Dalit Indian Chamber of Commerce and Industry (DICCI). Nagpur Chapter said that in the foreign countries, there was no banking holidays for more than two days as it would create chaos among the public.

"We are not agaiast the people working in banks, hut hanking has now become the lifeline of everyone. In four-and-a-half days, several ATMs will go dry. Even, on the opening day of the hanks, ie. on October 7. 2014. there will be long queues in the banks disarraying everything." he pointed out.

Posted in: News 2014