Bhopal: New market traders protest against bank charges

Bhopal: New market traders protest against bank charges

Staff ReporterUpdated: Thursday, May 30, 2019, 08:22 AM IST
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BHOPAL: New Market businessmen, on Wednesday, took out a march in protest against banks for levying a charge of Rs 150 per transaction for cash deposits, withdrawals and debit cards. They dubbed the banks act as ‘injustice’ after demonetization.

Banks like HDFC Bank, ICICI Bank and Axis Bank from March 1 have started levying a minimum charge of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month. Apart from having to pay an additional Rs 150 for the fifth transaction after four free ones, consumers will have to pay cess and an additional service tax.

While a transaction of Rs 25,000 from a non-home branch won’t cost you a penny, anything above Rs 25,000 will be charged Rs 5 per thousand or a minimal amount of Rs 150 once and for all. The tax and cess will be applicable on this amount as well.  At a home branch, if the cumulative cash (deposit and withdrawal) exceed Rs 2 lakh, a transaction charge of Rs 5 per thousand rupees or Rs 150 (plus tax and cess) will be levied. It is more or less same in banks.

New Market businessmen Association president Satish Gangarade said, “We took out a march in New Market in protest against banks for levying charge of Rs 150 on transaction.  It is injustice and government should intervene as it is not favourable for any one –be it common man or businessmen. Such decision is really a draconian law and it should be abolished.”

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