Gujarat Global News Network, Ahmedabad
The co-operative banks in Gujarat observed a day long strike on Friday to press for their demand to restore deductions under 80P of Income Tax act.
All the 270 urban co-operative banks, 18 co-operative banks and Gujarat State co-operative bank observed complete strike and did not conduct any business.
A rally was taken out in every district of the state and memorandum were given to collectors, Jyotindra Mehta, Chairman of Gujarat Urban Co-operative Bank Federation said. The banks did not participate in the clearing house operations.
The strike call was given by National Federation of State Co-operative banks demanding restoration of IT exemption. The Union government has stopped deduction since 2006 which is adversely affecting profits of these banks.
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