Multi-State Cooperative Societies (MSCS) may soon come under the purview of the money laundering act. Earlier this month, the Union government asked MSCS to furnish details of their turnover as a step towards bringing them under the fold of Prevention of Money Laundering Act (PMLA). The societies have been given time till 31st January … Read More →
RBI Imposes Penalty on Four Cooperative Banks The Reserve Bank has imposed penalties of up to Rs 5 lakh on four cooperative banks for violation of various norms. RBI said it has imposed a monetary penalty of Rs 5 lakh on The Cooperative City Bank, Guwahati, for flouting KYC norms and non-adherence to requirements relating … Read More →
Co-ops are not deposit taking set-ups: NAFCUB In a letter written to the Finance Ministry and signed by Chief executive of NAFCUB, Subhas Gupta the apex body of urban cooperative banks has strongly condemned the efforts to choke credit cooperatives in the country. In a mail sent to Ministry well within the stipulated time NAFCUB … Read More →
Important Documents Needed To be Submitted To The Registrar of Societies File the required documents with the Registrar of Societies Following papers must be filed with the Registrar of Societies for registration of a society under the principal Act or corresponding Acts enacted by various State Governments: The office of the Registrar of Societies has … Read More →
How does the Society utilize the funds/deposits collected by it? The Society uses the funds in lending to the members and investments as per the Co-operatives society Act/Rules/By-Laws. Society’s lending is in the shape of small loans for business or personal use. Are the Deposits with the Society safe & secured? Government of India has … Read More →
An application for registration of a Multi-State Cooperative society shall be made in the prescribed form (Form 1 and Form 2) http://mscs.dac.gov.in/ The application shall be signed by:- In the case of a multi-state Cooperative society of which all the members are individuals, by at least fifty persons from each of the states concerned. In … Read More →
Multi-State Co-Operative Society A multi-state Co-operative Society is basically a society that is registered or deemed to be registered under the “Multi-State Co-operative Societies Act, 2002” and includes a national Cooperative society. A Multi State Co-operative Credit Society belongs to its members, who are at the same time the owners and the customers of their … Read More →
Broad differences between a co-operative and a company are as follows: S. No Item Cooperative Society Company 1 Object Interest of members and community Self interest either of management or the share holders 2 Number of members Minimum number of members should be 50 for a multi state cooperative society from each state in case … Read More →