Co-operative banks in Gujarat to observe strike tomorrow against IT

Surat May 11 (UNI) Co-operative banks in Gujarat will go for a one-day strike against the Centre's decision to bring urban co-operative banks under Income Tax net, All India Federation of Co-operative Banks Vice President Jagadish Mehta said here today.

Talking to UNI, Mr Mehta said capital for co-operative sector came from their profit and therefore it was not wise to tax the urban co-operative banks.

''The beneficiaries of co-operrative banks are from middle and lower classes and most of the agricultural economy depends on them,'' said Mr Mehta.

Mr Mehta added that the co-operative banks from Maharashtra, Karnataka, Andhra Pradesh and Kerala will also participate in the strike tomorrow.

However, Southern Gujarat Chamber of Commerce and Industry sources said that they were not supporting the strike.

''It is true that most of the co-operative banks are situated in South Gujarat, but we do not support the strike as participating in agitations are against our policy,'' said one of the office bearers of the Chamber.

UNI MS KU PDS PM0055