 the indllstrial dlspu'res (banking companies) decision amendment hill, i9~8 p~--(as introduced in lok sabha)  the industrial disputes (banking companies) decision amendment bill, 19~8 (as introduced in lok sabha)a bill further to amend the industrial disputes (banking companies) decision act, 1955 be it enacted by parliament in the ninth year of the republic of india as follows:-1 this act may be called the industrial disputes (banking short title, companies) decision amendment act, 1958 2 in the industrial disputes (banking companies) decision ameildment act, 1955, in section 3, after sub-section (4), the following sub- of 8ection 3· section shall be inserted, namely:-"(5) notwithstanding anything contained in the foregoing provisions of this section, the central government may, from time to time by notification in the official gazette, make in lieu of the adjustment of the dearness allowance recommended in clause 1 (e) of chapter xi of the report of the bank award commission, such adjustment thereof as it thinks fit for any period subsequent to the 31st december, 1957, with reference to the rise or fall, as compared to 144 (1944 0-100), of the average all-india cost of living index for any period immediately preceding that period; and upon the issue of such notification the adjustment of dearness allowance so made for any period shall be deemed to have been recommended in clause 1 (e) of the report of that commission: provided that any adjustment so made shall, so far as may be, bear to the rise or fall of the cost of living index the same ratio as is indicated between the adjustment of dearness allowance and the rise or fall of the cost of living index in the formulre recommended in that clause"  statement of objects and reasonsthe bank award commission laid down certain formul;e for the adjustment of the dearness allowance payable to bank employees for variations in the cost of living index the formul~ provided for changes after intervals of six months and after a fall or rise of not less than ten points in the cost of living; index level i t has been represented on behalf of the employees that the interval of six months is too long a period further, a considerable amount of hardship is caused to the workers if the index level rises considerably, but does not actually reach ten points an agreement has been arrived at between the state bank of india and its employees to solve the above difficulties the two associations of banks are agreeable to follow suit the matter has been examined and it is proposed to vest the government with powers to modify the formulle within the ratio laid down in the original formulle of the bank award commission this bill seeks to give effect to this proposal i g l nanda new delhi; the 4t~ june, 1958  annexure extracts from the industrial disputes (banking companies) decision act, 1955 (41 of 1955)/: - - - - 3 (1) the appellate decision shall have effect as if the modifi- appdj he cations recommended in chapter xi of the report of the bank g~~:i~~~ award commission, dated the 25th day of july, 1955, had actually subjrct ~o been made therein, and the appellate decision as so modified shall !r:d~~:: be the decision of the appellate tribunal within the meaning of mended by the industrial disputes (appellate tribunal) act, 1950, and the ~:!d~maward shall have effect accordingly mission (2) notwithstanding anything contained in sub-section (1), the recommendations in chapter xi of the report of the bank award commission in relation to the banking companies incorporated in the former state of travancore-cochin specified in that chapter shall be modified and shall be deemed to have been modified-(a) with effect from the 1st january, 1955, in relation to the c class banks known as the south indian bank limited, trichur, and the catholic syrian bank limited, trichur, as if-(j) in clause (i) of the said recommendations-(i) under the heading "c class", after the entry "(viii), travancore' bank", the entries" (ix) , south indian bank, trichur" and" (x), catholic syrian bank, trichur", had been inserted; (ii) items (i) and (ii) under sub-clause (b) had been omitted; and (2) in clause (2) thereof, after the words "travancore bank", the words "the south indian bank, trichur, and the catholic syrian bank, trichur" had been inserted; lind (b) with' effect from the 1st january, 1956, in relation to the c class banks known as the palai central bank limited, palai, and the travancore forward bank limited, kottayam, and the d class banks, as if in clause (j) of the said recommendations, items (i) and (ii) under sub-clause (b) had been omitted (3) the arrears of emoluments payable to the workmen of the banking companies specified in sub-section (2) by reason of the modifications effected by that sub-section shall be paid as follows: --(a) in the case of the banking companies specified in clause (a) of that sub-section-(i) the arrears for the year 1955 shall be paid in two equal instalments of which the first shall be paid within thirty days from the commencement of the industrial disputes (banking companies) decision amendment act, 1957, and the second within six months after such commencement; and (ii) the arrears for the period from the 1st january, 1956, to such commencement shall be paid within thirty days thereof; (b) in the case of the banking companies specified in clause (b) of that sub-section, the arrears for the period from the 1st january, 1956, to such commencement shall be paid within thirty days thereof (4) for the purposes of this section, the expression "the former state of travancore-cochin" means the state of travancore-cochin as it existed immediately before the 1st november, 1956  - - - - - a bill further to amend the industrial disputes (banking companies) decision act, 1955 (shri gulzarilal nanda, minister of labour a12d employment and plannin,?) 