CPI(M) oppose move to impose income tax on cooperative banks
Oppositing the move to impose income tax on cooperative banks, CPI(M) Politburo member Sitaram Yechuri, MP, on Monday, said it would make repercussions on Indian economy.
By PTI |
BANGALORE: Oppositing the move to impose income tax on cooperative banks, CPI(M) Politburo member Sitaram Yechuri, MP, on Monday, said it would make repercussions on Indian economy.
The move should be resisted to protect economic sovereignty of the country against onslaught of international financial capital and safeguard rights of middle class against adverse impact of globalisation, Yechury said at a seminar organised by Forum of Urban Cooperative Banks.
Yechuri said CPI(M) would mobilise support of other parties and raise the issue in the Parliament and exert pressure on the Centre to reconsider it. However, people's support was also needed to achieve it, he said.
He alleged urban cooperative banking had become a target for multi national companies for maximising their profits.
Cooperative movement was essential and pivotal to safeguard rights of middle class as with globalisation "access to credit and liquidity is being confined to top echelons of the society which needs to be checked", he said.
Yechuri said in 2000 the total annual transaction in the world market was USD 400 trillion as against the total volume of world trade which stood at USD 7 trillion, "showing large accumulation of financial capital in a few hands".
Following liberalisation middle class were crushed. Cooperative movement was an important weapon to uphold rights of middle class and their interests whould be protected, he said.
The move should be resisted to protect economic sovereignty of the country against onslaught of international financial capital and safeguard rights of middle class against adverse impact of globalisation, Yechury said at a seminar organised by Forum of Urban Cooperative Banks.
Yechuri said CPI(M) would mobilise support of other parties and raise the issue in the Parliament and exert pressure on the Centre to reconsider it. However, people's support was also needed to achieve it, he said.
He alleged urban cooperative banking had become a target for multi national companies for maximising their profits.
Cooperative movement was essential and pivotal to safeguard rights of middle class as with globalisation "access to credit and liquidity is being confined to top echelons of the society which needs to be checked", he said.
Yechuri said in 2000 the total annual transaction in the world market was USD 400 trillion as against the total volume of world trade which stood at USD 7 trillion, "showing large accumulation of financial capital in a few hands".
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Following liberalisation middle class were crushed. Cooperative movement was an important weapon to uphold rights of middle class and their interests whould be protected, he said.
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