Threaten Legal Action: Bank employees who worked long hours during demonetisation say they have not been paid the money due to them for working overtime. Now a section of their unions has threatened to sue the banks and go on strike if they don’t get the cash soon. When demonetisation was announced on November 8 last year, it threw the entire country into chaos. The decision made 86% of currency notes redundant in one go. People rushed to their nearest banks to exchange old notes for new ones or to withdraw money in the new currencies.Bank staff had worked till late in the night and on holidays in the weeks after Prime Minister Narendra Modi announced the ban on Rs. 1,000 and Rs. 500 currency notes on November 8 last year. That decision sucked out 86 per cent of currency notes in one go, leading to serpentine queues of people spilling out of banks.The union leader added that the employees hadn’t made up their mind on the action. A strike was one possibility, he said. Approaching the courts was another. Bank Staff Not Paid For Notes Ban Overtime Threaten Legal Action.“We are exploring our legal options,” Mr Venkatachalam – who had been a sharp critic of demonetisation that he had previously described as a poorly-implemented decision – added. Unions of bank employees say they had taken up the delay in full payment of the overtime dues with the centre’s chief labour commissioner and the Indian Banks Association too.PM Modi’s decision to ban Rs 1,000 and Rs 500 notes faced a lot of criticism and still continues to draw the ire of critics. The economy is still recovering from the unforeseen decision and has been trashed by former Union Minister Arun Shourie earlier this week. The department of financial services under the finance ministry had earlier said it was looking at innovative ways to increase compensation of all employees as it was difficult to tamper with fixed component of the remuneration packages of employees.
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